Real Estate Journal — Shopping Centers — February 27 - March 12, 2015 — 17A


M id A tlantic

S hopping C enters


Bergman and Orzel orchestrate transaction EasternUnionFundingarranges $8.5m to refinance 22,000 s/f P ARAMUS, NJ — East- ern Union Funding arranged a creative

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solution in one of many re- cent deals the company has produced for international clients. Sprout Brook Shopping Center, situated on the re- tail corridor along Rte. 17 in Paramus, is a 22,000 s/f retail center. It is owned by interna- tional real estate investment firm Cofinance Group . The refinance of this asset, one of several Cofinance prod- ucts in New Jersey, was or- chestrated by Eastern Union’s co-founder and managing partner Abraham Bergman and Joe Orzel , senior loan consultant. “We were very happy with Joe and Abe, and their per- formance refinancing the proj- ect,” Maurer said. “Eastern Union Funding secured the best deal for us.” The brokers originated and negotiated a five year non- recourse loan at 3.5% with 70% LTV through Flushing Savings Bank. “By closing with a balance sheet lender we were able to provide our client with a non-recourse option outside of Wall Street,” Bergman said. “At first, this had all the characteristics that would call for a Wall Street loan, but in the end we avoided defeasance and provided a very aggressive pre-payment penalty,” Orzel added. n PHILADELPHIA, PA — CBRE, Inc. has arranged the lease of Hai Street Kitch- en and Co.’s newest Philadel- phia location, a University City store located at 125 S. 40th St. David Orkin and Jackie Balin of CBRE rep- resented Hai Street in the lease. “Hai Street has been very successful in Philadelphia, having been recognized by Zagat as one of the hottest new restaurants in Philadel- phia,” said Balin, senior asso- ciate with CBRE’s downtown retail group. “Venturing into University City makes perfect sense. Between the growing employment base and the Penn and Drexel campus, there is a built-in natural customer base there, and we expect they will do very well.” n CBRE h a n d l e s lease for Hai Street

Issue Date: March 2 7 , 201 5 Deadline: March 1 3 , 201 5

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Sprout Brook Shopping Center



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