S hopping C enters S potlight M id A tlantic ICSC C onference & D eal M aking
Mid Atlantic Real Estate Journal — Shopping Centers — January 31 - February 13, 2014 — C
www.marejournal.com
Eastern Union’s MD office sees 161 percent increase in 2013 closings Obadia and Tropp of Eastern Union negotiate $7.75M and $4.15m loan refinances
EVERNA, MD — East- ern Union Business is surging in Eastern Union Funding ’s Mary- land Office, which announced this week a diverse string of five deals on four property types. Eastern Union set several company records recently. With production in Maryland on track to increase by 161% this year, sources at the firm say its Mid-Atlantic com- ponent plays an important role. “They’re a main artery of the company,” said Eastern Union President Ira Zlotow- itz . “Internally, they’re mak- ing the right decisions and it’s exciting to witness the growth in that region alone.” Eastern Union negotiated S
on a multifamily package on Third St. in downtown Wash- ington DC, a loan supplied by Customers Bank . The properties are three-story complexes with 15 and 23 units. Among other highlighted deals this week, Tropp and senior loan consultant David Merkin tied up an $1,875,000 refi on Fairground Village, a shopping and retail center in Westminster MD. Mean- while, the office also tied up the $3,225,000 refinance in Baltimore on the London House, a four-story, mixed- use with 63 multifamily and two office units. Concluding this closing streak, Merkin negotiated a $6,790,000 refinance and large cash-out on The Falls
at Beacon Hill, a 69-unit three-bedroom townhome community located in New Cumberland, PA. The fully occupied neighborhood is situated on I-83. That loan was provided by Investors Bank . “Banks that have been less active in the marketplace have started to come back over the last 12 months, cre- ating more opportunities for competitive financing in this area and across the Eastern Seaboard,” said Tropp. “We’re seeing an uptick in new construction projects, particularly in the multifam- ily and condominium sector, with a focus on emerging neighborhoods and areas where there is a lack of for- sale inventory.” n
Severna Park
a $7,750,000 loan for the re- finance of Severna Park Mar- ket Center, a 13 unit office and retail center in Severna Park, MD. The loan was origi- nated and negotiated by Mi- chael Obadia , vice president
for the Mid-Atlantic region and senior managing director Marc Tropp . The loan was provided by Virginia Heri- tage Bank . Obadia and Tropp also inked a $4,150,000 refinance
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