Falls Church, VA — Eastern Union Funding, a top-10 commercial real estate debt brokerage based in Brooklyn, NY, arranged financing for the $6.75 million acquisition of 7121 Leesburg Pike, a two-story office and retail center in Falls Church. The property consists of five ground-level retail condos and nine second-story office condos.
Eastern Union Funding’s Marc Tropp, a senior managing director based in the firm’s Bethesda, MD office, negotiated a $4.25 million, seven-year deal fixed at 4.3% with six months interest only. Tropp brokered the loan with regional balance sheet lender Burke & Herbert Bank on behalf of 7121 Metrowest LLC.
“We were able to broker an excellent deal by partnering with a regional lender and working in a timely fashion. That we could lock in such a competitive rate - literally within hours of the federal rate hike - made the final product that much more exciting for all parties involved,” said Tropp.