Eastern Union, one of America’s largest commercial real estate mortgage brokerages, has arranged $28,086,000 in financing toward the acquisition of a 437-unit, multifamily portfolio encompassing thirteen individual properties in Bridgeport, CT.
The mortgage was secured by senior managing director Motti Blau, senior loan consultant Mendy Pfeifer, and senior loan consultant Hershy Fried. Dov Bakon served as underwriter for the transaction.
The loan carried an interest rate of 5.25 percent over a ten-year term. Financing included five years of interest-only payments and an amortization period of 30 years.
The overall financing package consisted of three loans amounting to $11,809,000, $9,348,000 and $6,929,000. The full sale price was $39,637,500.
“Despite the large scope of this portfolio, our Eastern Union team worked quickly and efficiently to close this substantial transaction,” said Eastern Union president and co-founder Abraham Bergman. “And thanks to their knowledge of the lending marketplace, they delivered a great interest rate for our client, along with an ample period of interest-only payments.”
The properties included 1590 Barnum Avenue with 17 units, 299 Berkshire Avenue with 24 units, and 1465 East Main Street with 46 units.
Additional sites included the 15-unit 30 Granfield Avenue, the 17-unit 80 Granfield Avenue, and 850 Hancock Avenue and 1054 Hancock Avenue, both 15 units.
Rounding out the portfolio were 1575 Iranistan Avenue with 28 units, 2209-2225 Main Street with 179 units, 898-930 Norman Street with 28 units, 644-654 Park Street with 18 units, 85 Price Street with 17 units, and 340 Putnam Street with 18 units.
The financing was provided by Key Bank. The buyer was not named.
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars’ worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.
For more information, visit www.easternunion.com.