Eastern Union Champions Major Financing for Construction Project
Eastern Union, recognized as one of the country's premier commercial real estate mortgage brokerages, has successfully arranged an $18.5 million loan dedicated to the refinancing of a striking multifamily, mixed-use development. This ambitious 77-unit project is set to reshape the area and provide valuable housing options for residents.
Loan Details and Team Efforts
The financing is structured as a 12-month mortgage and was skillfully secured by the expertise of loan consultant Yossi Rubin and loan originator Chaskel Horowitz. Their collaboration exemplifies the commitment of Eastern Union to connect clients with the right financial solutions.
Property Overview and Construction Plans
The building, which spans an impressive 98,000 square feet and is currently under construction, finds its home at 31 Central Street. This strategic location places it close to major educational institutions, making it ideally positioned to serve students and families alike. The completion of this development is anticipated by year-end, promising to enhance the community with both residential and commercial spaces.
The Importance of Strategic Financing
“We are thrilled to have paired the development team with such a reliable lender to underwrite their project,” said Mr. Rubin. “Making informed financing choices is vital for the successful execution of any construction venture.” The refinancing carries a favorable interest rate of ten percent and allows for an interest-only period of twelve months.
Investment Partners Behind the Project
The successful financing involved two notable borrowers who play crucial roles in the project. Velocity Capital Partners, based in Boston, was represented by Drew Breton, the director of debt and acquisitions. Additionally, Avatar Construction Inc., based in Watertown, MA, is led by president Nazar Vincent, bringing a wealth of experience to the project.
Yossi Rubin acknowledges Robert Schiavo for his instrumental role in facilitating this connection to Eastern Union. Schiavo, the president of Schiavo Enterprise based in Dedham, MA, continues to strengthen partnerships within the real estate community.
About Eastern Union
Established in 2001, Eastern Union has developed into a national force in commercial real estate, employing over 90 dedicated professionals and consistently closing billions in transactions every year. The firm utilizes its extensive relationships with lenders and vast market insights to ensure clients secure the most competitive rates and terms available.
Eastern Union secures financing for a wide variety of transactions across the country. Their portfolio covers everything from conventional commercial mortgages to structured debt, including multifamily units, office spaces, retail centers, healthcare facilities, hospitality sectors, manufactured home properties, self-storage, and single-family rentals. They also provide equity placement services in partnership with Eastern Equity Advisors.
For additional insights and resources, visit easternunion.com.
Media Contact
Steve Vitoff
Eastern Union
516-652-0785
Frequently Asked Questions
What is the amount secured by Eastern Union for the refinancing?
Eastern Union has secured $18.5 million for refinancing the construction project.
Who were the key players in arranging the loan?
The loan was arranged by Yossi Rubin and Chaskel Horowitz from Eastern Union.
What is the expected completion time for the construction?
The construction is expected to be completed by the end of this year.
Where is the property located?
The property is located at 31 Central Street.
What type of development is being financed?
The financing is for a multifamily, mixed-use property comprising 77 residential units.
