Eastern Union's Major Refinancing Deal
Eastern Union, renowned as one of the largest commercial real estate mortgage brokerages, has announced an impressive financing achievement. They secured a remarkable $10 million to refinance a significant industrial property that spans an area of 102,862 square feet. This property serves as an owner-occupied industrial condominium and is crucial to the operations of New Haven Moving Equipment.
Insight into the Property Details
Constructed in 1964 and renovated in 2007, the building is strategically located on a 4.23-acre parcel at 13571 Vaughn Street. The facility is primarily occupied by New Haven Moving Equipment, a leading wholesaler specializing in moving equipment. The property's layout consists of a substantial 6,738 square feet devoted to office space, paired with an extensive 96,124 square feet designated for warehouse and manufacturing purposes, providing ample room for its operational needs.
The Role of Eastern Union's Experts
Key figures from Eastern Union who played a vital role in this refinancing process include senior loan consultant Alex Jaffa and loan originator Ben Halpern. Their expertise and diligent efforts were instrumental in navigating the complexities of securing financial support for this transaction.
Details of the Financing Arrangement
The lender for this deal, Valley Bank, offered a two-year loan that comes with an option for a one-year extension. The agreement features a fixed interest rate of 6.23 percent and is structured with interest-only payments throughout the loan term. Notably, the transaction includes a cash-out of an existing loan amounting to $5 million. Additionally, it establishes a decreasing prepayment penalty structure over the loan's three-year term, demonstrating favorable terms for the borrower, Dreadnaught Properties Los Angeles.
Highlights of Excellent Client Service
Abe Bergman, president and co-founder of Eastern Union, praised the efforts of Alex Jaffa and Ben Halpern. He highlighted the extraordinary service they provided to the client throughout the process, especially considering that many lenders shy away from cash-out or non-recourse transactions involving owner-occupied properties. Their diligence brought forth a lender capable of accommodating the client's unique needs while also offering flexible prepayment options.
About Eastern Union
Established in 2001, Eastern Union has grown into a nationally recognized commercial real estate firm, employing over 90 professionals who collectively facilitate billions of dollars in transactions annually. Their success is attributed to strong relationships with lenders and a profound understanding of the marketplace, allowing them to secure optimal financing rates and terms for their clients.
Extensive Financing Capabilities
Eastern Union specializes in financing a diverse range of transactions across the United States. Their portfolio includes multi-state and multi-site offerings in a variety of sectors such as commercial mortgages, structured debt, multifamily properties, office spaces, retail, healthcare, hospitality, manufactured homes, single-family rentals, and self-storage facilities. Moreover, they collaborate with their affiliate, Eastern Equity Advisors, to assist clients with equity placement, expanding their financing capabilities.
Contact Information for Media Inquiries
For more details about Eastern Union, interested parties can reach out to their media contact, Steve Vitoff, at 516-652-0785. They can also send inquiries via email.
Frequently Asked Questions
What is the main purpose of Eastern Union?
Eastern Union focuses on securing commercial real estate financing for transactions of various sizes across the United States.
Who are the key people involved in the refinancing deal?
Alex Jaffa and Ben Halpern from Eastern Union played significant roles in securing the refinancing.
What type of property was refinanced by Eastern Union?
The property refinanced is a 102,862-square-foot industrial condominium occupied by New Haven Moving Equipment.
What financial terms did Valley Bank provide?
The financing includes a two-year loan with an option for a one-year extension, a fixed interest rate of 6.23%, and interest-only payments.
How does Eastern Union support its clients?
Eastern Union leverages strong lender relationships and market knowledge to obtain favorable financing rates and terms for its clients.
