Mid Atlantic Real Estate Journal — February 14 - 27, 2014 — 13A
www.marejournal.com
F inAnciAl d igest Sale reflects mortgage firms’ relationships and uptick for Prince George’s County Eastern Union facilitates $11.223m Maryland multifamily acquisition
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RINCE GEORGE’S COUNTY, MD — Commercial mortgage
“We’re not in the business of arranging sales, but we are in the business of building trust
half a mile from the Suitland Metro Station. According to a report avail- able on the county website, va- cancy rates in Prince George’s County are just 3.3% and, de- spite a hard hit from the 2010 foreclosure crisis, the county is witnessing a surge in the num- ber of housing units sold. The purchaser plans to invest approximately $5 million into renovation and improvements, according to Romirowsky. “These improvements, cou- pled with the location and reinforced by other amenities make it highly sought-after by tenants.” n
f i rm East - ern Union Funding an- nounced the $11,223,000 sale of Silver Hill Apart- ments, a 216- unit apart- ment c om-
and ma i n - taining re- lationships,” Tropp said. “ T h e d e a l came to us through one client and we presented it to another.
Marc Tropp
Shai Romirowsky
When we can leverage our lending network like this, it’s a nice illustration of how sturdy it is.” Silver Hill Apartments sits on 10.5 acres of land less than
With $234,903,000 in total loans originated, Eastern Union Funding finished the month of January with roughly four times the total loanamount closed over the same month last year. The company closed just shy of $2 billion in 2013, according toReal EstateWeekly. Thenum- bers put up inJanuaryaloneput Eastern on a trajectory closer to $3 billion for 2014. The month was punctuated by a $20 million deal by new rising star broker Jake Han- delsman . Eastern Union president Ira Zlotowitz attributes theaggres- sive 2014 kick-off to Eastern’s stronger banking relationships, an upgraded underwriting de- partment, investments ineduca- tion and technology. Educating staff, no matter how experienced they are, is central to Eastern’s never-end- ing quest for perfection. From the technology end, Eastern invested heavily this year in a wide area of upgrades and new features on Loan Tracker, Eastern’s internal customized CRM software and app. “Everything from intricate ‘must-do’ reminders to detail- oriented customized reports in- crease communication, efficiency and production and ultimately creates a happier client,” said Ben Neuwirth , director of software implementation at Eastern. “We’re off to a great start,” AbeBergman ,managing part- ner at Eastern told staff at a recent meeting. “Let’s keep that momentum going and raise the bar yet again in 2014.” n Eastern Union sees 300% increase in January plex in Prince George’s County, Maryland. Senior managing director Marc Tropp and vice president Shai Romirowsky helped facilitate the sale by locating a buyer.
Silver Hill Apartments
Alan LaCava (O) 800-308-8696
Diversified Financial Services Group, Inc. 1800 JFK Blvd, Philadelphia, PA 19103
info@divfinservices.com www.divfinservices.com
We offer a variety of long term financing programs under the following terms and conditions: Minimum Loan Amount: $500,000 Maximum Loan Amount: $200,000,000 Amortization: 30 year, 25 year, 20 year, 15 year Rate Adjustments: 1-3-5-7-10 years Prepayment: Negotiable Recourse: Available for both Lending: All 50 States in the United States. CMBS Pool: It is available minimum $1 million / Maximum $100 million. Loan to Value: Maximum 75% DSC: Varies based upon type of property Through a related Corporation, we originate, sell, and service through a number of life insurance and credit companies. In almost each situation, a representative will be required to meet with and talk to the borrower. Industrial Properties:
Retail Properties: • Regional malls • Apartment Bldgs. • Strip Centers
• Single Tenant • Multi-Tenant • Multi-Tenant Incubator • Warehouse and Distribution Facilities • Manufacturing Multi-Family Residential: Recourse and Non/recourse financing is available for apartment complexes, and mixed use apartment and r centers Other Property Types: • Credit Tenant leased properties • GSA Leased properties • Flagged Gas Station and truck facilities
• Neighborhood Centers • Big Box Retail Stores • Single Tenant Retail buildings • Hotels Office Properties:
• Class A, office building, Multi-tenant buildings • Class B, office building, Multi-tenant buildings • Medical Office buildings
• Single Tenant office Buildings • GSA occupied Office Buildings
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