Eastern Union closes $ 74 million loan trio
Eastern Union’s two-person brokerage completed three transactions totaling $74.3 million. 74.3 million people. Two of the deals were completed in Alabama, while the third was completed in Florida.
The funds came from Eastern Union’s “chairman’s team,” which included the company’s president, Ira Zlotowitz, and Michael Wyne, senior vice-president of the capital market division.
The corporation made a cash loan of $25.6 million for the purchase of a 232-unit apartment complex in Huntsville, Alberta. The loan had a set interest rate of 3.35 percent for a five-year period, but it only paid interest for the first 30 days. Furthermore, Eastern Union was able to complete the loan in in 45 days, while having a competitive COVID reserve of three months. For advantageous rates, the brokers competed with a number of banks, as well as Fannie Mae and Freddie Mac. You can use Bridge Payday here to find more loan deals.
In addition, the Eastern Union team in Huntsville acquired $ 22.7 million to repay a bridging loan that was used to finance a 485-unit apartment project that is now under construction. Non-recourse financing with a higher interest-to-cost ratio of 75/25 includes interest for the entire two-year period and no prepayment penalty. The agreement enabled the developer to obtain the funds required to complete the project, as well as to stabilize the property, which is expected to be completed in six to twelve months. On both Huntsville transactions, Boruch Mandel, vice president of equity, has joined the “president’s team of the president.”
In addition, Zlotowitz and Wyne were able to acquire $26 million in bridging financing for two senior living facilities in Florida. The first was a 133-bed facility in Naples, Florida, that provided skilled nursing as well as assisted living services. The second elder care asset was a 146-bed facility in Venice, Florida, that offered memory care and excellent nursing care. The two Florida deals were done in coordination with Eastern Union’s Healthcare Group’s Nachum Soroka and Jacob Schonland.
The two Florida locations’ three-year financing plan was guaranteed on a restricted usage basis, with an 85 percent loan-to-value ratio. For the first 24 months, the loan repayment was for the interest rate. The interest rate has been established at a level that is both accessible and flexible.
“One of these loans was provided to an already established lending institution within the Eastern Union, which was able to boost the loan size by a few million dollars and the interest rate by 50 basis points.” “It’s less than their present loan technology can handle,” Wyne explained.
“Similarly,” Wyne explained, “the other two loans represent new lenders that came in with a stronger and more extensive combination of terms than the competitors because they wanted to finish board closures by working with Eastern Union.” In light of the current financial situation, the two new parties were able to close fairly swiftly.