A seven-building portfolio acquired by a private buyer, with the help of financing brokered by Eastern Union Funding — Courtesy: Eastern Union Funding
By Joshua Burd
Eastern Union Funding has arranged nearly $28 million in financing for a private buyer to acquire a 641-unit multifamily portfolio in Newark and Irvington, the firm announced.
The commercial real estate mortgage brokerage said it arranged the loans with Investors Bank, acting on behalf of the buyer. Senior Managing Director Michael Muller brokered the $27.8 million financing, though the firm did not disclose the full purchase price.
The seller was a partnership between Radiant Property Management and ARES Management, Eastern Union said. The partnership was represented by Tom Walsh, an executive vice president with JLL
The properties include:
- 55 units at 603 Elizabeth Ave.
- 26 units at 595 Elizabeth Ave.
- 51 at 585 Elizabeth Ave.
- 133 units at 343-381 Schley St.
- 50 units at 129 Chancellor Ave.
- 64 units at 356 Stuyvesant Ave.
- 262 units at 378-404 Stuyvesant Ave.