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Eastern Union managing partner Abraham Bergman and vice president Yossi Orzel arranged the transaction, first a $28 million construction loan for a 159-unit condominium project, then a $5 million in financing for a 26-unit, fractured condominium property that is coming out of construction. Both projects will develop in Monroe, New York, and carry a 75% loan-to-value ratio. The second transaction has a 12-year fixed-term mortgage with 5 years of interest-only payments, set at a 4% interest rate.
"Negotiating the right deal for a fractured condo transaction poses special challenges because many lenders simply don't engage with this particular asset class. Nonetheless, Eastern Union succeeded in securing a loan that catered to the borrower's specific needs." said Orzel.
A third transaction dedicated $11 million in financing for a mixed-use property in Brooklyn, New York. The deal carried a fixed 3.2% interest rate over a ten-year period, with interest-only payments due for the first five years.
The last transaction was a 10-year fixed value loan at $9,745,000 to support a 160-unit, Low-Income Housing Tax Credit (LIHTC) property in Immokalee, Florida.
Eastern Union, headquartered in New York, closes transactions of all sizes across the United States. It secures financing for all asset types.