Real Estate Journal — September 26 - October 9, 2014 — 3A
www.marejournal.com
M id A tlantic
M id A tlantic R eal E state J ournal Team structures loan covering 90% of the value EasternUnionFunding arranges financing for $4.6million building W ASHINGTON, DC — The Mid-Atlantic branch of Eastern
OCTOBER 7 TH & 8 TH AUCTIONS 12 New Jersey Statewide Opportunities
14.7+/- Acre Commercial Parcel on a Major Highway 9001 Route 130, Delran Township, Burlington County NJ 08075 In cooperation with Berkshire Hathaway Home Services 35,900+/- SF in 4 Separate Buildings on 5.11+/- Acres 82 E. Browning Road, Bellmawr, Camden County NJ 08031 12,400+/- SF Commercial Building with High Visibility 15 South Avenue (Route 28), Fanwood, Union County, NJ 07023 Additional Properties Include: Mixed-Use, Multi Family, Redevelopment, Commercial & Residential, Bank Ordered Sales
Union Funding, LLC , one of the country’s largest national commercial mortgage bro- kerage companies, arranged financing for the $4.6 million purchase of a northwest DC office building located at 1820 Jefferson Place NW in Dupont Circle. In addition to excellent terms, the team structured a loan covering 90% of the value for the client’s purchase, made possible by assembling the deal to minimize risk and maximize proceeds. The purchase was a year- long effort by Steven Kalifa, owner of Human Touch Home Health Care Agency. Kalifa also has a vast portfolio of properties in the Mid-Atlantic region, yet he received two unsustainable quotes from regional banks for the project, and, after a year’s worth of circle games, went to Eastern Union Funding. The five-year loan they ar- ranged was provided by a regional balance sheet lender and features a rate of 4.4%. The transaction was ar- ranged by Marc Tropp, Shai Romirowsky and David Merkin , all based out of the Eastern Union’s Bethesda, MD branch. “Our client wasn’t getting the proceeds he needed but we created security and a relationship which not only closed this deal, but will lead to many more,” Merkin said. “The structure we arranged with the lender took out a second posi- tion on another asset the client owned, enabling a 90 percent loan to value. Meanwhile, we created a life-long partner- ship between one of the top healthcare firms in the nation and a bank that could grow all aspects of our client’s business. The deal was one of a kind.” With the acquisition loan closed, Merkin and his team are in the process of the next phase. The 8,950 s/f office building, now occupied by Ka- lifa’s business, will undergo construction for a 15,000 s/f addition. “Eastern Union really came through for us,” Kalifa said. “Based on what I heard from the two banks I approached on my own, the deal wouldn’t have made sense, but the rate Eastern got us was phenom- enal and we’re working on two more deals.” n
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Eastern Union Arranged Financing For
• 10Year Term • Non-Recourse • Mixed-Use Office/Multifamily Railway Lofts, Baltimore, MD $9,800,000
Negotiated by MarcTropp 347-678-8491 Senior Managing Director Michael Obadia 202-617-3131 Vice President
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