Eastern Union Secures Major Refinancing Deal
Eastern Union, one of America’s top commercial real estate mortgage brokerage firms, has successfully arranged a $10 million refinancing deal. This financing is for an owner-occupied industrial condominium that spans 102,862 square feet.
The Property Details
This particular industrial unit, built in 1964 and renovated in 2007, serves as the operational base for New Haven Moving Equipment, a well-known wholesaler in moving equipment. The condo is located on a sizable 4.23-acre lot situated at 13571 Vaughn Street, making it strategically placed for various logistical needs.
Expertise from Eastern Union Brokers
The refinancing transaction was expertly navigated by Eastern Union's dedicated brokers, senior loan consultant Alex Jaffa and loan originator Ben Halpern. Together, they worked diligently to meet the unique needs of their client, ensuring a smooth process throughout.
Lender and Loan Structure
The lender for this transaction was Valley Bank, providing a two-year loan, complete with a one-year extension option. The loan features a fixed interest rate of 6.23 percent with interest-only payments throughout its duration. This non-recourse agreement also allows for a $5 million cash-out from an existing loan, an aspect often challenging for owner-occupied properties.
Moreover, the financial structure includes decreasing prepayment penalties over the successive years of a three-year term, offering the borrower more flexibility and security. Dreadnaught Properties Los Angeles is the borrower in this undertaking, benefiting significantly from this financing arrangement.
Exceptional Client Service
Abe Bergman, the president and co-founder of Eastern Union, emphasized the exemplary service that Alex Jaffa and Ben Halpern provided to their client. According to Bergman, "Most lenders shy away from cash-outs or non-recourse transactions in owner-occupied scenarios. However, the Eastern Union team not only found a lender willing to cater to these needs but also secured flexible prepayment options for the client."
Building Specifications
The building that was refinanced encompasses 6,738 square feet of office space, alongside a considerable 96,124 square feet dedicated to warehouse and manufacturing operations. These attributes make the property ideal for its intended function, catering to the operational demands of a growing business.
About Eastern Union
Established in 2001, Eastern Union stands out as a national commercial real estate firm, employing over 90 skilled professionals in the real estate sector. The firm closes billions in transactions annually, leveraging its extensive network of lender relationships and deep marketplace insights to secure the most favorable terms and rates for its clients.
Eastern Union's expertise spans a breadth of transactions, including multi-state portfolios and complex commercial projects such as structured debt, multifamily units, office spaces, retail venues, and healthcare facilities. Additionally, through its affiliate, Eastern Equity Advisors, the company also handles equity placement.
For individuals or businesses seeking further guidance or information, they can explore Eastern Union's offerings by visiting easternunion.com.
Media Contact:
Steve Vitoff
Eastern Union
516-652-0785
Frequently Asked Questions
What was the purpose of the $10 million refinancing?
The refinance was aimed at facilitating the financial needs of an owner-occupied industrial property, allowing for cash-out and favorable loan terms.
Who are the key individuals involved in this financing?
The key brokers from Eastern Union were senior loan consultant Alex Jaffa and loan originator Ben Halpern.
What specific type of property was refinanced?
The property is a 102,862-square-foot industrial condominium utilized by a moving equipment wholesaler.
What notable features does the loan from Valley Bank include?
The loan features a fixed interest rate of 6.23%, with interest-only payments and decreasing prepayment penalties over a three-year period.
How long has Eastern Union been in operation?
Eastern Union has been operating since 2001, focusing on securing advantageous financing options for commercial real estate transactions.
