Eastern Union's $18.5 Million Loan Fuels New Housing Development
Eastern Union Secures Significant Financing for New Development
Eastern Union, a leading name in commercial real estate mortgage brokerage, has successfully arranged an impressive $18.5 million loan aimed at refinancing the construction of a noteworthy 77-unit multifamily mixed-use property. This strategic financial move marks an important step in enhancing urban living spaces.
Project Highlights and Financing Details
The loan is structured as a 12-month mortgage and was efficiently secured by loan consultant Yossi Rubin alongside loan originator Chaskel Horowitz. Their expertise was instrumental in connecting the development team with the right lender who understood the project's vision.
A Closer Look at the Multifamily Mixed-Use Development
This eight-story development encompasses a substantial area of 98,000 square feet and is currently under construction at a prime location near a bustling university area. The property aims to cater not only to residential needs but also to commercial enterprises, thereby contributing significantly to the community's development.
Construction Timeline and Expectations
As construction progresses, the completion date is anticipated by the end of the current year, showcasing the project's commitment to timely delivery. The expected completion timeline paints a picture of hope for potential residents and businesses eager to occupy the new space.
Financing Structure and Interest Rate
The refinancing package sets an interest rate at an attractive ten percent with a twelve-month interest-only period, making it a flexible option for the developers. The lender facilitating this transaction is the Poverni Sheikh Group, known for its supportive role in similar developments.
Insight from the Financing Experts
Yossi Rubin expressed gratitude for the opportunity to aid the development team in securing necessary financing, emphasizing that proper financial support is crucial for the successful completion of any construction endeavor. His insights into the financing process reveal the complexity and importance of choosing the right financial partner.
Partnerships Behind the Project
This project involves two key borrowers: Velocity Capital Partners and Avatar Construction Inc. Each organization brings unique strengths to the table, with Velocity Capital Partners led by Drew Breton, and Avatar Construction Inc. represented by president Nazar Vincent. Their collaboration demonstrates a unified approach to achieving shared goals.
Recognizing Contributions
Rubin also acknowledged Robert Schiavo, president of Schiavo Enterprise, for his role in connecting the ownership team to Eastern Union. Such partnerships showcase how teamwork and collaboration are vital in the real estate industry.
About Eastern Union
Established in 2001, Eastern Union has emerged as a prominent national commercial real estate firm, employing over 90 dedicated professionals. The company's ability to close billions in transactions annually speaks to its robust relationships with various lenders and deep knowledge of the marketplace. They specialize in securing favorable rates and terms on behalf of their clients.
Diverse Financing Solutions Offered
With a portfolio that spans various types of transactions across the nation, Eastern Union secures financing for everything from conventional commercial mortgages to structured debt, catering to multifamily, office, and retail needs, as well as hospitality and manufacturing properties. Their expertise extends into equity placement through their affiliate, Eastern Equity Advisors.
Contact Information for Enquiries
For more information, individuals can reach out via email or phone. Media contact Steve Vitoff represents Eastern Union and is available at 516-652-0785 or through email.
Frequently Asked Questions
What is the purpose of the $18.5 million loan secured by Eastern Union?
The loan is intended to refinance the construction of a 77-unit multifamily mixed-use property, enhancing the housing landscape.
Who were the key figures involved in securing the financing?
Loan consultant Yossi Rubin and originator Chaskel Horowitz played crucial roles in securing the financing.
What are the expected completion timelines for the development?
The construction is anticipated to be completed by the end of the current year.
What kind of financing structure was utilized in this loan?
The loan features a ten percent interest rate and provides a twelve-month interest-only period.
How does Eastern Union support a variety of financial transactions?
Eastern Union leverages strong relationships with lenders to secure competitive rates for diverse financial needs in the real estate sector.
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