Eastern Union Secures $74.2-Million Construction Loan for 256-Unit, Multifamily Project in Teaneck NJ

NEW YORK, Nov. 8, 2023 /PRNewswire/ -- Eastern Union, one of America's largest commercial real estate mortgage brokerage firms, has closed on a $74,217,664 transaction toward the refinancing of a construction loan for a 256-unit, multifamily property in Teaneck in Bergen County in northern New Jersey.

The six-floor, 250,000-square-foot development is now under construction at 329 Alfred Avenue near Route 4. 

With a 36-month term, the transaction carried a 75-percent loan-to-cost ratio. The interest rate was set at 7.8 percent, with interest-only payments for the full term.

The loan was brokered by Gabriel Sasson, a senior associate with Eastern Union.

"This closing represents another example of Eastern Union's deep-rooted familiarity with thousands of lending institutions throughout the country," said Abe Bergman, president and co-founder of Eastern Union. "Bergen County has the largest gross domestic product of any of the 21 counties in New Jersey, and we're proud to contribute to its vibrant economy."

Neither the names of the owner nor the lender was disclosed. 

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.

Headquartered in New York, 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.

For more information, visit www.easternunion.com.     

MEDIA CONTACT:
Steve Vitoff
Eastern Union
516 652 0785
[email protected] 

SOURCE Eastern Union