Eastern Union Secures Funding for Major Mixed-Use Development Project
Eastern Union's New Financing Milestone
Eastern Union, a leading name in commercial real estate mortgage brokerage, has recently secured a remarkable $10.965 million loan dedicated to refinancing a 71,000-square-foot mixed-use property. This project, strategically positioned in an urban setting, aims to breathe new life into the community. The property, known as The BLVD, is currently under construction, promising to offer an exciting blend of residential and commercial space.
The Key Players Behind the Deal
This refinancing venture was facilitated by the expertise of Eastern Union's personnel, including Chaim Greenfield, the company's vice president, and Joseph Sasson, the loan originator. Assisting them in the process was Alex Jaffa, who served as the underwriter for the transaction. Their collaborative effort reflects Eastern Union's commitment to securing favorable financing arrangements for their clients.
Structure and Terms of the Financing
The loan is structured with a 24-month term, featuring interest-only payments during this timeframe. While the precise interest rate remains undisclosed, the deal emphasizes Eastern Union’s ability to navigate the complexities of the current economic landscape to facilitate advantageous terms for its clients.
About The BLVD Development Project
The BLVD is set to be a seven-story masterpiece, arising from the adaptive reuse of an existing office building on a significant site. Construction will transform a 12,000-square-foot space located at 535-541 Dr. Martin Luther King, Jr. Boulevard. With an expected completion timeline of approximately 18 months, this project aims to provide not just living spaces but a vibrant environment that fosters community interaction.
Residential and Commercial Features
This innovative development will feature 40 residential units, alongside ground-floor commercial spaces designed to enrich the local economy. Future residents will enjoy exclusive amenities, including a private outdoor rooftop area, a 1,300-square-foot party and game room, and a fitness center tailored for community wellness. Importantly, the project dedicates 20% of its units to affordable housing, aligning with community needs and promoting inclusivity.
Looking Towards the Future
The borrower for this transformative venture is Mid-Atlantic Investment Alliance, a recognized entity within the real estate sector, known for its dedication to urban redevelopment endeavors. Their involvement in this project symbolizes a broader trend toward revitalizing urban areas, creating spaces that cater not only to residents but also to businesses.
About Eastern Union
Founded in 2001, Eastern Union has established itself as a formidable national commercial real estate firm. Comprised of over 90 experienced professionals, the company has successfully closed billions of dollars in transactions annually. By leveraging robust relationships with lenders and extensive market knowledge, Eastern Union is poised to secure optimal rates and terms for its clients.
Energy and Innovation in Financing
Eastern Union stands at the forefront of securing financing for a diverse range of real estate transactions across the country. This encompasses multi-state and multi-site portfolios that cover various property types, including multifamily housing, office spaces, retail operations, and more. By collaborating with affiliated entities such as Eastern Equity Advisors, the firm broadens its service offerings, enhancing its ability to meet diverse market demands.
Frequently Asked Questions
What is the financial support secured by Eastern Union?
Eastern Union secured a $10.965 million loan to refinance a major mixed-use property development project.
What is The BLVD project?
The BLVD is a mixed-use development featuring 40 residential units and commercial spaces, currently under construction.
Who are the key individuals involved in the financing process?
Key players include Chaim Greenfield, Joseph Sasson, and underwriter Alex Jaffa.
What are the anticipated benefits of The BLVD development?
The project will enhance community living with modern amenities and contribute to urban redevelopment efforts.
How does Eastern Union support its clients?
By leveraging industry relationships and extensive market knowledge to secure favorable financing terms for various property types.
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