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Eastern Union Arranges Construction Refi on Newark Mixed-Use
Eastern Union arranged a $10.965-million loan to refinance construction of a 71,000-square-foot, mixed-use property in the Central Ward of Newark, NJ. The mortgage was secured by VP Chaim Greenfield and loan originator Joseph Sasson. Alex Jaffa served as underwriter. The identity of the lender was not disclosed.
The refinancing carried a 24-month term with interest-only payments at an undisclosed rate. The borrower was Mid-Atlantic Investment Alliance, which specializes in urban redevelopment projects
“Eastern Union worked diligently to structure a transaction that positioned the borrower to attract good financing,” said Greenfield. “We overcame challenges associated with today’s economic environment and we successfully negotiated good terms for our client.”
The seven-story property, which will be known as The BLVD, is under construction as part of the adaptive reuse of an office building at 535-541 Dr. Martin Luther King, Jr. Blvd. It will include 40 residential units and ground-floor commercial space, with completion scheduled in approximately 18 months.
- ◦Financing
