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Eastern Union Arranges $74M Refi for NJ MF Project
Eastern Union has closed a $74.2 million deal toward refinancing a construction loan for a 256-unit multifamily property in Teaneck, Bergen County, New Jersey. The borrower’s identity and the lender’s name were not disclosed.
The six-floor, 250,000-square-foot development is under construction at 329 Alfred Avenue near Route 4. The loan, with a 36-month term and 75% loan-to-cost ratio, featured an interest rate of 7.8%, with interest-only payments for the full term.
The deal was brokered by Gabriel Sasson of Eastern Union.
- ◦Financing
