NEW
YORK, Aug. 1, 2024 /PRNewswire/ -- Eastern
Union, one of America's largest commercial real estate mortgage
brokerages, has arranged a $13-million loan to refinance the debt on the
Garden View Apartments, a 156-unit development of fifteen
multifamily buildings in Memphis,
TN.
The mortgage was secured by senior producers Motti Blau and Mendy
Pfeifer. Dov Bakon served as
underwriter for the transaction.
The refinancing carried an interest rate of 7.25 percent over a
ten-year term with three years of interest-only payments. The loan
will then be amortized over a 30-year period. There are no
pre-payment penalties.
"Our team recognized the borrower's desire for a long-term fixed
rate in order to have certainty over a long period of time," said
Mr. Blau. "At the same time, should rates go down, he wanted to be
able to refinance without incurring a penalty. We structured a deal
that was long-term and carried no prepayment penalty."
"The owner saw that the property retained good value, but also
wanted to reposition it in a way that offered protection in today's
fluid interest rate environment," said Eastern Union president and
co-founder Abraham Bergman. "It was
critical that Eastern Union had a full understanding of the
client's needs, a mindset that reflects our essential role as
trusted advisor."
Built in 1963, Garden View Apartments is located on a 9.53-acre
parcel at 1033 and 1087 Whitaker Drive. The asset includes 131,000
rentable square feet. The complex is comprised of both two- and
three-story buildings. There are 60 one-bedroom and 96 two-bedroom
units.
Financing was provided by Bellco Federal Credit Union. The
borrower was not identified.
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real
estate firm that provides both financing services and capital
markets advisory services. It employs more than 90 real estate
professionals and closes billions of dollars' worth of transactions
annually. Eastern Union leverages its relationships with lenders
and its marketplace knowledge to secure the best available rates
and terms.
Eastern Union secures financing for transactions of all sizes
across the United States.
Transactions, which can include multi-state and multi-site
portfolios, encompass conventional commercial mortgages, structured
debt, healthcare, hospitality, manufactured home properties,
single-family rentals, investment sales, and -- handled in
conjunction with company affiliate Eastern Equity Advisors --
equity placement.
Media contact:
Steve
Vitoff
Eastern Union
516-652-0785
381162@email4pr.com
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SOURCE Eastern Union