finanzen.net
20.03.2019 13:44
Bewerten
(0)

Eastern Union Arranges $26-Million Bridge Loan for Houston Multi-Family Property

DRUCKEN

NEW YORK, March 20, 2019 /PRNewswire/ -- Eastern Union, one of the country's leading commercial mortgage brokerage firms, has secured a $26-million bridge loan to support the acquisition and redevelopment of a 587-unit multi-family property in Houston. The loan amount represents 75 percent of the purchase price and 100 percent of capital expenditures associated with redevelopment.

The financing was arranged by Michael Wyne, a member of Eastern Union's Capital Markets unit, and Boruch Mandel, also of Eastern Union.

The transaction involved Park Texas Apartments, a complex of two-story, garden-style rental apartment buildings located at 11911 Martin Luther King Jr. Boulevard. The site encompasses 476,941 square feet of rentable space.

The development, which had suffered damage inflicted by Hurricane Ike in 2008, is 50-percent occupied. The complex is presently undergoing extensive capital improvements.

"Eastern Union was able to secure a highly attractive interest rate primarily because of the significant breadth of our national network of lenders," said Mr. Wyne. "We were gratified to deliver favorable bridge financing for our client on a property with low occupancy."

Eastern Union executed the transaction on behalf of a joint venture between the Auerbach Opportunity Fund II, LP and Blue Magma Residential.

"Eastern Union was exemplary in their ability to work on a nuanced and complicated transaction," said Peter Auerbach, founder and CEO of the Auerbach Family of Private Equity Funds. "Over the past two years, we have worked together on more than $70 million in transactions, and have been extremely pleased with Eastern Union's work ethic, responsiveness, and creativity. I am looking forward to a long future with Boruch Mandel, Michael Wyne, and the rest of the team."

To discuss any category of commercial financing needs, Mr. Wyne can be reached at mwyne@easternunion.com or 702-371-2196, and Mr. Mandel at bmandel@easternunion.com or 732-552-4661.

About Eastern Union
Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage company that closed $5 billion in real estate transactions in 2018. The firm -- whose equity transactions are handled through its affiliated equity brokerage company named Eastern Equity Advisors -- employs more than 70 highly skilled brokers and real estate professionals.

Consistently putting their clients' needs first, Eastern Union team members leverage their extensive knowledge of the market to bring clients the best rates available. Eastern Union's experience enables the company to arrange financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions. The company consistently closes an average of $400 million dollars' worth of new loans every month.

Eastern Union, which operates nationwide, is headquartered in New York, with offices in New Jersey and Maryland. For more information, please visit http://www.easternunion.com/.

Media contact:
Steve Vitoff
Eastern Union
718-567-4880
211297@email4pr.com 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/eastern-union-arranges-26-million-bridge-loan-for-houston-multi-family-property-300815329.html

SOURCE Eastern Union

Anzeige
Anzeige
Börse Stuttgart Anlegerclub

Die richtige Strategie für die Börsenkrise

Stecken Sie nicht den Sand in den Kopf, sondern kaufen Sie die richtigen Aktien. Erfahren Sie im aktuellen Anlegermagazin mehr über attraktive Qualitätsaktien und zyklische Aktien
Kostenfrei registrieren und lesen!

Heute im Fokus

DAX geht tiefer aus dem Handel -- US-Börsen unterbrechen Rally -- IWF: Dollar deutlich überbewertet -- MorphoSys-Aktie im Aufwind -- Dialog erhöht Prognose -- Fresenius, FMC, Brenntag, BoA im Fokus

Tencent bringt mit DouYu-Aktie Tochter an die Nasdaq. Ericsson: Gewinnerwartungen trotz kräftigem Umsatzplus enttäuscht. EU-Kommission leitet Ermittlungen gegen Amazon ein. G7-Staaten haben 'schwere Bedenken' gegen Facebooks Libra. ASML bestätigt Prognose. BVB angeblich vor lukrativer Vertragsverlängerung mit Ausrüster PUMA.

Die 5 beliebtesten Top-Rankings

Promis
Diese Sternchen haben ihren eigenen Aktien-Index
Diese Aktien hat Warren Buffett im Depot
Die Änderungen unter den Top-Positionen
Die erfolgreichsten Kinofilme der letzten 25 Jahre
Welche Titel knackten die Milliardenmarke an den Kinokassen?
Das verdienen Aufsichtsratschefs in DAX-Konzernen
Deutlich unter Vorstandsgehältern
Apps & Social Media: Die wertvollsten Marken der Welt
Welche Marke macht das Rennen?
mehr Top Rankings

Umfrage

Wo sehen Sie den DAX Ende 2019?

Online Brokerage über finanzen.net

finanzen.net Brokerage
Handeln Sie für nur 5 Euro Orderprovision* pro Trade aus der Informationswelt von finanzen.net!

ETF-Sparplan

Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.
Zur klassischen Ansicht wechseln
Kontakt - Impressum - Werben - Pressemehr anzeigen
Top News
Beliebte Suchen
DAX 30
Öl
Euro US-Dollar
Bitcoin
Goldpreis
Meistgesucht
Wirecard AG747206
Deutsche Bank AG514000
Daimler AG710000
NEL ASAA0B733
Amazon906866
Microsoft Corp.870747
TeslaA1CX3T
Infineon AG623100
BayerBAY001
BASFBASF11
Airbus SE (ex EADS)938914
Apple Inc.865985
GAZPROM903276
Deutsche Telekom AG555750
CommerzbankCBK100