Eastern Union Completes $10.965 Million Refinancing for Newark Mixed-Use Development
In a significant move for the real estate market, Eastern Union, a leading commercial real estate mortgage brokerage in the United States, recently finalized a $10.965 million loan to refinance the construction of a substantial mixed-use development in Newark, New Jersey. The property, known as The BLVD, is designed to encompass 71,000 square feet and is currently being developed in the Central Ward of Newark.
This financing was arranged by Chaim Greenfield, the vice president of Eastern Union, alongside loan originator Joseph Sasson and underwriter Alex Jaffa, highlighting the company’s commitment to delivering flexible financing solutions in challenging economic climates. Mr. Greenfield expressed, "We worked diligently to structure a transaction that positioned the borrower to attract good financing." Their efforts reflect the intent to not only secure funds but to ensure that terms are favorable in today’s intricate economic conditions.
The refinancing deal is structured with a 24-month term that allows for interest-only payments throughout the duration. However, the specific interest rate remains undisclosed. What is particularly notable about The BLVD is its commitment to community-focused developments; 20% of the residential units will be dedicated to affordable housing, aiming to support local residents and foster a sense of community within the bustling Central Ward.
The development features not just residential spaces but also includes ground-floor commercial areas, symbolizing a modern mixed-use approach to urban living. Other amenities in this seven-story facility will comprise 40 residential units, a rooftop area, a 1,300-square-foot entertainment room, and a fitness center designed to enhance the residents' living experience. This multifaceted design is part of a broader trend to transform urban spaces into vibrant hubs for living and commerce.
The BLVD will be constructed on a currently active site measuring 12,000 square feet, located at 535-541 Dr. Martin Luther King, Jr. Boulevard. Completion is anticipated within approximately 18 months, promising to revitalize the area and provide much-needed housing solutions in Newark.
The borrower, Mid-Atlantic Investment Alliance, is recognized for its focus on urban redevelopment, participating in projects that infuse growth and opportunity into both established and emerging neighborhoods. This partnership emphasizes how local real estate players can work in conjunction with established brokerage firms like Eastern Union to foster meaningful developments.
Founded in 2001, Eastern Union has solidified its reputation by closing billions in transactions annually. With a team of over 90 professionals, the firm leverages its extensive relationships in the lending community to ensure favorable rates and terms for a diverse range of clients. Their work spans various real estate types, including multifamily, commercial, retail, and more. As a result, Eastern Union is able to cater to a wide array of financing needs across the country.
In recent years, the firm has demonstrated its prowess in navigating complex refinancing operations, providing tailored financial solutions for myriad projects. The refinancing of The BLVD not only showcases their expertise in securing capital but also highlights the growing trend of mixed-use developments that cater to modern urban lifestyles.
For further details on their work and real estate financing solutions, Eastern Union can be reached via their website, www.easternunion.com. As New Jersey continues to evolve, developments like The BLVD are critical in supporting sustainable growth and community engagement in urban settings.
This financing was arranged by Chaim Greenfield, the vice president of Eastern Union, alongside loan originator Joseph Sasson and underwriter Alex Jaffa, highlighting the company’s commitment to delivering flexible financing solutions in challenging economic climates. Mr. Greenfield expressed, "We worked diligently to structure a transaction that positioned the borrower to attract good financing." Their efforts reflect the intent to not only secure funds but to ensure that terms are favorable in today’s intricate economic conditions.
The refinancing deal is structured with a 24-month term that allows for interest-only payments throughout the duration. However, the specific interest rate remains undisclosed. What is particularly notable about The BLVD is its commitment to community-focused developments; 20% of the residential units will be dedicated to affordable housing, aiming to support local residents and foster a sense of community within the bustling Central Ward.
The development features not just residential spaces but also includes ground-floor commercial areas, symbolizing a modern mixed-use approach to urban living. Other amenities in this seven-story facility will comprise 40 residential units, a rooftop area, a 1,300-square-foot entertainment room, and a fitness center designed to enhance the residents' living experience. This multifaceted design is part of a broader trend to transform urban spaces into vibrant hubs for living and commerce.
The BLVD will be constructed on a currently active site measuring 12,000 square feet, located at 535-541 Dr. Martin Luther King, Jr. Boulevard. Completion is anticipated within approximately 18 months, promising to revitalize the area and provide much-needed housing solutions in Newark.
The borrower, Mid-Atlantic Investment Alliance, is recognized for its focus on urban redevelopment, participating in projects that infuse growth and opportunity into both established and emerging neighborhoods. This partnership emphasizes how local real estate players can work in conjunction with established brokerage firms like Eastern Union to foster meaningful developments.
Founded in 2001, Eastern Union has solidified its reputation by closing billions in transactions annually. With a team of over 90 professionals, the firm leverages its extensive relationships in the lending community to ensure favorable rates and terms for a diverse range of clients. Their work spans various real estate types, including multifamily, commercial, retail, and more. As a result, Eastern Union is able to cater to a wide array of financing needs across the country.
In recent years, the firm has demonstrated its prowess in navigating complex refinancing operations, providing tailored financial solutions for myriad projects. The refinancing of The BLVD not only showcases their expertise in securing capital but also highlights the growing trend of mixed-use developments that cater to modern urban lifestyles.
For further details on their work and real estate financing solutions, Eastern Union can be reached via their website, www.easternunion.com. As New Jersey continues to evolve, developments like The BLVD are critical in supporting sustainable growth and community engagement in urban settings.
Topics Consumer Products & Retail）
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