A developer is building a 256-unit apartment building at 329 Alfred Ave. in Teaneck. — Rendering courtesy: Eastern Union
By Joshua Burd
The developer of a 256-unit apartment building in Teaneck has snagged more than $74 million in financing for the project, according to a debt placement team with Eastern Union.
In a news release, the mortgage broker said the deal will refinance a construction loan for the property at 329 Alfred Ave. It did not disclose the lender’s name, but noted that the transaction has a 36-month term, carrying a 75-percent loan-to-cost ratio, an interest rate of 7.8 percent and interest-only payments for the full term.
Eastern Union Senior Associate Gabriel Sasson brokered the $74.22 million loan on behalf of a private client, noting that construction is underway on the six-story, 250,000-square-foot building just north of Route 4.
“This closing represents another example of Eastern Union’s deep-rooted familiarity with thousands of lending institutions throughout the country,” said Abe Bergman, president and co-founder of Eastern Union. “Bergen County has the largest gross domestic product of any of the 21 counties in New Jersey, and we’re proud to contribute to its vibrant economy.”