Eastern Union Installs New Financing for Mixed-Use Project
Eastern Union, a prominent player in commercial real estate financing, has successfully arranged a substantial amount of $20.5 million. This funding is specifically designated for refinancing Zoria Apartments, a state-of-the-art, 54-unit mixed-use development.
Details of the Zoria Apartments
Zoria Apartments, a remarkable eight-story brick building, hopes to foster a vibrant community setting. This contemporary structure boasts a gross building area of 56,473 square feet, with a net rentable area specifically designed to maximize usability at 45,847 square feet.
Overview of the Residential Units
This thoughtfully designed project features 54 units categorized as 49 residential apartments, four retail spaces, and one community facility. The versatile living units include a mix of configurations: 35 one-bedroom, 12 two-bedroom, and two luxurious penthouse residences, all with essential amenities.
Financing Structure and Benefits
A seasoned loan consultant, Alex Jaffa led the financing transaction, emphasizing the project's timely execution. The financing package included a 5.98-percent interest rate, structured to support the client's specific timeline, which was crucial as they optimized the leasing process.
Strategic Location and Features
Ideally situated at the intersection of Hillside Avenue, the Zoria Apartments offers not only residential comfort but also essential amenities. Building features include common laundry facilities, a rooftop recreation area, and parking options for residents, all designed to enhance community engagement.
About Eastern Union
Founded in 2001, Eastern Union has grown into one of the most dynamic players in the national commercial real estate landscape. The firm has successfully managed transactions worth billions annually, thanks to its team of over 90 dedicated professionals. They pride themselves on leveraging solid relationships with lenders and comprehensive market knowledge.
Services Offered by Eastern Union
From conventional commercial mortgages to structured debt, Eastern Union provides financing solutions for varying transaction sizes across the nation. With capabilities that include financing multifamily units, office spaces, retail establishments, and more, they cater to a diverse array of clients.
Contact for Further Inquiries
For additional information, you can reach out to Eastern Union’s media contact, Steve Vitoff. He can be contacted at 516-652-0785, or via email for any press-related questions.
Frequently Asked Questions
What is Eastern Union known for?
Eastern Union is a significant commercial real estate financing firm, recognized for its expertise and vast network of lenders.
What type of property did Eastern Union finance?
They financed Zoria Apartments, a new mixed-use property featuring residential and retail units.
Who led the financing transaction for Zoria Apartments?
Alex Jaffa, a senior loan consultant at Eastern Union, led the refinancing transaction for Zoria Apartments.
What is the interest rate on the loan?
The loan carries a 5.98-percent interest rate and is structured over five years with 30-year amortization.
Where can I find more information about Eastern Union's services?
More information can be obtained directly from Eastern Union's official website, where they detail their extensive range of financing services.
