$69M Refinancing for 11 Apartment Properties

Investor Steve Breitman borrowed $69 million to refinance a portfolio of 11 apartment properties in the Bronx and New Jersey.

“We arranged the financing on these properties over 10 years ago, and since then have assisted in refinancing this portfolio three times,” said Ira Zlotowitz, president of Eastern Union Funding, which teamed with Greystone and Customers Bank to arrange the financing.

All of the refinancings closed August 31, 2017, with five-year terms, having an average fixed interest rate of 3.7 percent. Nine properties in the Bronx and New Jersey, totaling more than 970 apartments, received $40 million in financing from Greystone. Two additional properties in Stratford and Lindenwold, NJ received $29.5 million from Customers Bank.

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