#United States #Manchester #Multifamily #Eastern Union

Eastern Union Co-ordinates $18.5 Million Financing for Construction in Manchester

Eastern Union, a notable player in the commercial real estate sector, has successfully arranged a loan amounting to $18.5 million with the specific aim of refinancing the construction project of a multifamily and mixed-use property in Manchester, New Hampshire. This strategic financing will bolster the ongoing development of a modern eight-story building that combines residential units and commercial spaces, catering to the increasing demands for housing and services in the area.

The property, which is set to encompass 77 residential units, is part of a larger vision to revitalize the neighborhood surrounding 31 Central Street, enhancing both its residential and commercial appeal. The planned structure occupies a significant footprint of 98,000 square feet, symbolizing a modern approach to urban living while promoting community integration.

The exciting financing opportunity was successfully negotiated by experienced loan consultant Yossi Rubin, working in tandem with loan originator Chaskel Horowitz. They played a pivotal role in connecting the development team to the right financial partners. According to Mr. Rubin, securing the optimal financing is crucial for the successful realization of projects like these, which aim to meet local housing needs while stimulating economic activity.

The refinancing arrangement with an interest rate of 10% and an interest-only period of 12 months ensures flexibility for the developers during the initial stages of construction, which is expected to wrap up by the end of this year. The lender for this impressive financing deal is the reputable Poverni Sheikh Group, which has a strong track record in supporting significant real estate projects.

Two key borrowing entities have been involved in this transaction. Velocity Capital Partners, based in Boston, was rightly represented by Drew Breton, the director of debt and acquisitions. Meanwhile, Avatar Construction Inc. from Watertown, Massachusetts, had its interests represented by president Nazar Vincent, ensuring all stakeholders were effectively represented during the negotiations. Furthermore, Mr. Rubin expressed his gratitude toward Robert Schiavo, president of Schiavo Enterprise in Dedham, MA, for facilitating introductions that led to the successful financing arrangement.

Eastern Union has built a formidable reputation since its inception in 2001. With over 90 professionals in the real estate sector, the company is responsible for closing billions of dollars in commercial real estate transactions annually. It stands out not just for its size but for its strategic partnerships and deep understanding of marketplace dynamics, which empower them to secure advantageous terms for their clients.

The firm caters to a wide spectrum of financing needs across the U.S., covering transactions ranging from multifamily housing to commercial spaces like retail, healthcare, and self-storage. Their commitment to connecting developers with the most favorable financing options positions them as a crucial participant in the progressive landscape of American real estate development.

With this latest financing secured, the spotlight now turns to Manchester, NH, where the intersection of ambition and opportunity manifests in the construction of this modern mixed-use development. The anticipated completion of this project promises to add both residential and commercial value to the Manchester area, showcasing Eastern Union's commitment to supporting real estate endeavors that align with community needs and urban revitalization efforts.

For more details about eastern Union's services and projects, visit their official website at www.easternunion.com.