Real Estate Journal — March 13 - 26, 2015 — 9A
M id A tlantic
F inancial D igest
HICAGO, IL — East- ern Union Funding , one the fastest grow- Mortgage brokerage delivers the latest component to CityR Group’s growth spurt Eastern Union Funding closes $42.66 million, facilitates investor’s multifamily purchase C
“With The New Colonies’ prox- imity to Chicago and 98% oc- cupancy, we look forward to installing new amenities and raising output from rents at this up and coming property, while simultaneously break- ing into a new market.” Muller echoed Sabo’s sen- timent. “This is a class B property with a ton of upside potential,” he said. “It’s right up CityR’s alley with their knack for repositioning and maximizing potential, we view this as a great opportunity for CityR to once again work their magic.” n
ing mortgage brokerages serving the national com- mercial real estate sector, continued to forge its na- tional foot- pr i nt and grow with its clients by a r r a n g i n g an acquisi- tion loan for one of CityR Group ’s big- gest deals yet -- a 672-unit multifamily trade in Illinois.
316 West 34th St.
Or iginated by Eastern Union president Ira Zlotow- itz and Michael Muller , senior managing director, the FannieMae loan features a ten year term, locking in a 4.03% interest rate. Provided by Ar- bor Commercial Mortgage , the loan covers roughly 83% of the purchase price. The property, The NewColo- nies, traded for $51.658 mil- lion and is located at 316 West 34th St., Steger IL, roughly 35 miles south of Chicago. The size of the deal also measured significant growth, as Zlotow- itz pointed out. “As CityR started working on larger deals we facilitated their growth accordingly, and the underwriting that went into this deal allowed us to ob- tain the full proceeds we need- ed,” Zlotowitz said. “Thanks to our relationship with Arbor and understanding of Fannie Mae, we could ultimately de- liver the dollars, branch out into different markets, comple- ment a nationwide presence and grow with our client.” CityR Group is an interna- tional firm with offices in the United States - where it owns thousands of units - as well as Israel and London. Yariv Ben-Ari of Akerman LLP , an attorney with a longstanding history with the investment firm, represented CityR Group on this deal. “For us, this deal is about increasing upside and grow- ing as a multinational firm. Eastern Union has become a national brand and they could appreciate that,” said CityR Group CEO of American Acquisitions, Michael Sabo .
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Philadelphia, PA Bronx, NY Dover, DE 80% LTV, 350 bps over LIBOR 90% LTC, 75% LTV, 10/30, Non-Recourse 75% LTV, 10/30, Cash Out, Non-Recourse
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