New York & Tri-State + Outer + Finance | April 27, 2021

Eastern Union Arranges $54M in Funding on Properties in NY, FL

Eastern Union recently arranged financing totaling $53,745,000 for four commercial properties in New York State and Florida. The transactions were arranged by managing partner Abraham Bergman and VP Yossi Orzel.

The first transaction was a $28-million construction loan for a 159-unit, condominium project in upstate Monroe, NY. A second Monroe deal provided $5 million in financing for a 26-unit, fractured condominium property that is coming out of construction.

“Negotiating the right deal for a fractured condo transaction poses special challenges because many lenders simply don’t engage with this particular asset class,” said Orzel. “Nonetheless, Eastern Union succeeded in securing a loan that catered to the borrower’s specific needs.”

A third transaction secured $11 million in financing for a mixed-use property in Brooklyn. The fourth transaction supported a 160-unit, Low-Income Housing Tax Credit (LIHTC) property in Immokalee, FL with a 10-year fixed loan valued at $9,745,000.

Connect

Inside The Story

Connect With Eastern Union

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints