Eastern Union President’s Team Receives $ 25.75 Million Bridging Loan for 232-Unit Multi-Family Property in Jacksonville, Florida



NEW YORK, June 30, 2021 / PRNewswire / – A two-person brokerage team with Eastern Union, one of the largest commercial real estate finance companies in the country, organized USD 25.75 million USA in financing the interim acquisition of a multi-family asset of 232 units in Jacksonville, Florida. The 4.1% loan reflected an 84% loan-to-value ratio for a property burdened with high renovation costs and 50% vacancy.

The site was purchased for $ 22 million through a three-year interest-only bridging loan. Property requires 10 million dollars worth repairing.

Funding was provided by the “President’s Team” of the company as part of the president of the company. Ira Zlotovits together with Michael Vine, Managing Director of Eastern Union.

“Bridging finance usually presents special challenges because you almost always ask lenders to support troubled properties,” said Mr. Zlotowitz. “We needed to focus lenders’ attention on the future status of the site, not on its current status.”

“By leveraging Eastern Union’s extensive knowledge of lending institutions, we have created a competitive environment around the deal,” said Mr Vin. “The key need for this borrower was to maximize loan returns while maintaining a low and competitive interest rate, and we have achieved that.”

Bridging loans play an important role in commercial real estate financing. Borrowers use bridging loans to meet short-term financing needs to stabilize their property.

Interested parties can contact Michael Vine in [email protected] with questions about financing commercial real estate.

About the Eastern Union
Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage firm. It employs over 125 real estate professionals and closes on average about $ 5 billion in transactions annually. Eastern Union uses its relationship with lenders and market knowledge to ensure the best rates and conditions available.

Eastern Union, headquartered in St. New York, closes transactions of any size by United States… It provides financing for all types of assets. Deals, which can include multi-state and multi-site portfolios, include both conventional and structured finance. In 2020, the Eastern Union Multi-Family Group changed market prices by offering a quarter-point fee – with a minimum fee of USD 15,000 and no additional fees – for refinancing properties supported by Fannie Mae or Freddie Mac. Capital input is carried out through the Eastern Union branch, Eastern Equity Advisors.

Eastern Union’s free eCALC app instantly helps investors evaluate and sign deals.
For more information visit www.easternunion.com

Media Contact:
Steve Whitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union

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