Eastern Union's $38.5 Million Deal to Enhance Multifamily Living
Beveraging Opportunities in Multifamily Housing
In today’s dynamic real estate market, securing substantial financing for multifamily properties can greatly influence community living standards and growth potential. Eastern Union, known for its expertise in commercial real estate finance, recently made headlines by arranging a remarkable $38.5 million loan to refinance Warren Manor Apartments, a 479-unit multifamily property. This transaction represents a strategic move in an industry that requires flexibility and foresight.
Understanding Warren Manor Apartments
Warren Manor Apartments features a substantial net rentable area of 388,675 square feet, nestled within 30.72 acres. The property is designed with residents in mind, featuring twelve two-story buildings and a convenient one-story pool house. Each apartment varies in size, with a total of 295 one-bedroom units and 184 two-bedroom units, averaging an inviting 811 square feet.
Details on the Recent Loan
The loan, orchestrated by senior loan consultant Alex Jaffa and his colleague Sinai Eizikovitz, will facilitate further enhancements and stability for the property. The loan consists of an initial funding of $35.7 million, with the opportunity for an additional $2.8 million contingent on rising rental revenues. The refinancing terms outline a five-year fixed interest with an interest-only payment structure for the first year, infusing flexibility into the financing strategy.
Crafting Solutions Amidst Challenges
Mr. Jaffa highlighted the complexities involved in this transaction, stating, "This transaction was coming out of a high-interest-rate bridge loan." The prior financing was proving cumbersome, especially as the property had not reached full occupancy. In an increasingly cautious financial landscape, Eastern Union successfully negotiated a favorable cash-out for the borrower at a time when many lenders are hesitant to engage in such deals. This showcases Eastern Union's commitment to creating tailored solutions for their clients.
Enhancements and Value Additions
Since acquiring Warren Manor Apartments, the current ownership has diligently invested around $5 million in capital improvements to enhance living conditions and attract more residents. Such investments not only improve property aesthetics but also significantly increase rental potential, which benefits both the owner and tenants alike.
About Eastern Union
Founded in 2001, Eastern Union has solidified itself as one of the leading commercial real estate firms in the nation. With a team of over 90 skilled professionals, the firm closes billions in transactions annually. Their vast industry relationships and market knowledge empower them to secure superior financing rates and terms, making them a go-to partner for real estate financing needs.
Financing Types and Services
Eastern Union specializes in financing for various property types across the United States, catering to a diverse range of transactions. Whether it's multifamily properties, offices, or healthcare facilities, Eastern Union is equipped to handle transactions of all sizes, including multifaceted portfolios that require sophisticated structuring and equity placement solutions.
Contact Details
For media inquiries, please reach out to Steve Vitoff at Eastern Union. He can be contacted via phone at 516 652 0785 or through email at 397561@email4pr.com.
Frequently Asked Questions
What was the purpose of the $38.5 million loan?
The loan was arranged by Eastern Union to refinance Warren Manor Apartments and enhance the property's financial stability.
Who were the key individuals involved in this transaction?
Alex Jaffa and Sinai Eizikovitz were senior loan consultants who facilitated the loan arrangement.
What are the details of the apartment complex?
Warren Manor Apartments features 479 units with various sizes, offering both one and two-bedroom options.
What recent improvements have been made to the property?
The ownership has invested approximately $5 million into capital improvements since acquiring the property.
How long has Eastern Union been in operation?
Eastern Union has been operational since 2001, establishing itself as a leading firm in commercial real estate finance.
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