Abraham Bergman and Yossi Orzel of Eastern Union Finance Four Commercial Mortgages Totaling More Than $53 Million
NEW YORK, April 26, 2021 / PRNewswire / – Eastern Union, one of the largest commercial real estate finance companies in the country, has arranged a total loan $ 53,745,000 for four commercial properties in New York State and Florida. The transactions were arranged by the managing partner of Eastern Union Abraham Bergman and Vice President Yossi Orzel.
The first transaction was a $ 28 million Home loan for a condominium project with 159 residential units in Monroe, NY. The loan had a credit-to-cost ratio of 75 percent over a 24 month period.
Abraham Bergman is the co-founder and managing partner of Eastern Union.
Yossi Orzel is Vice President at Eastern Union.
The second New York State Deal, even in Monroe, provided $ 5 million in financing a 26-piece, broken condominium that is coming out of construction. The 12-year fixed-term mortgage had a term of five years and was set at a rate of four percent. The financing of this relatively complex transaction was associated with a loan-to-value ratio of 75 percent.
“Negotiating the right deal for a broken condo transaction presents particular challenges as many lenders simply don’t address that particular asset class,” Orzel said. “Even so, Eastern Union has managed to obtain a loan that meets the specific needs of the borrower.”
A third transaction secured $ 11 million when financing a mixed-use property in Brooklyn, NY. The deal – which took commercial rent into account – had a fixed interest rate of 3.2 percent over a ten-year period, with only interest payments due in the first five years.
The fourth transaction supported a LIHTC (Low-Income Housing Tax Credit) property with 160 units in Immokalee, FL with a ten year fixed loan worth $ 9,745,000. Interest was set at 3.22 percent, with one year interest payments, even though the site had less than three years left for its federal LIHTC agreement. In terms of financing, the loan-to-cost ratio was 83 percent.
“It takes in-depth market knowledge to identify lenders for complex structured transactions or to fund assets whose federal tax breaks are about to expire,” Bergman said. “Eastern Union has a growing reputation for identifying sources of funding for challenging businesses like this one.”
About Eastern Union
Eastern Union, founded in 2001, is a leading national commercial mortgage brokerage company. It employs more than 125 real estate professionals and closes on average $ 5 billion in transactions annually. Eastern Union uses its lender relationships and market knowledge to secure the best rates and terms available.
Eastern Union headquartered in new York, completes transactions of all sizes The United States. It secures funding for all types of assets. Transactions – which can include portfolios with multiple states and locations – encompass both conventional and structured finance. In 2020, Eastern Union’s multi-family group reset market prices by offering a quarter point fee with no back-end fees for refinancing properties backed by Fannie Mae or Freddie Mac. Capital injections will be handled through Eastern Union’s subsidiary, Eastern Equity Advisors.
Eastern Union’s free eCALC app helps investors rate and draw deals instantly.
More information is available at www.easternunion.com.
516 652 0785
SOURCE Eastern Union