506 South White Horse Pike in Stratford — Courtesy: Eastern Union Funding
By Joshua Burd
An investor has refinanced an 11-building apartment portfolio in New Jersey and the Bronx, following more than $69 million in transactions arranged by Eastern Union Funding.
The commercial real estate mortgage firm announced that it teamed with Greystone, a Federal Housing Administration and agency lender, and Customers Bank to arrange the loans. The portfolio, owned by investor Steve Breitman, includes 10 buildings in the Garden State and encompasses more than 970 apartments.
All of the refinancings were for five-year terms at an average of 3.7 percent fixed, Eastern Union said. Eight of the New Jersey properties and the property in the Bronx were refinanced for a total of nearly $40 million through Greystone, while two properties in Stratford and Lindenwold, were refinanced for a total of $29.5 million through Customers Bank.
President Ira Zlotowitz and Senior Managing Director Meir Kessner of Eastern Union Funding spearheaded the transactions.
“We arranged the financing on these properties over 10 years ago and since then have assisted in refinancing this portfolio three times,” Zlotowitz said. “It has been a pleasure to work with Steve since the very beginning.”
Eastern Union said the loans, which closed Aug. 31, capped off a record-setting month for its firm, which completed nearly $500 million during the traditionally slow end of summer.
“Eastern Union truly has their clients best interests in mind at all times. Many firms would have funded this deal by approaching one lender for the entire portfolio,” Breitman said in a prepared statement. “Instead, they were true to their core values as trusted advisors and approached each property individually, arranging the best financing options for each.”