F inancial D igest
M id A tlantic Real Estate Journal — February 2024 — 3A
www.marej.com
EW YORK — Amid challenging market conditions, Eastern Commercial mortgage brokerage closes transactions in 30 states last year Eastern Union thrives amidst market challenges, secures deals with 126 lenders in 2023 N
deal was brokered by senior associate Gabriel Sasson . The company also secured a $62.3 million construction loan for a 105,000 s/f, mixed-used property in the Crown Heights neighborhood of Brooklyn. The transaction was arranged by Bergman and vice president Yossi Orzel . Also this year, the company secured $28.1 million in fi- nancing toward the acquisi- tion of a 437-unit, multifamily portfolio encompassing thir- teen individual properties in Bridgeport, CT. The mortgage was secured by senior managing director Motti Blau , senior loan con- sultant Mendy Pfeifer , and senior loan consultant Hershy Fried , with Dov Bakon serv- ing as underwriter. Eastern Union closed on a $27-million deal to refinance a healthcare facility in Arverne. The transaction was brokered The JLL Capital Markets Debt Advisory team was led by senior managing director Thomas Didio , senior direc- tor Thomas E. Didio Jr. , senior analyst Salvatore Buzzerio and analyst Ben- jamin Morgenthal. “This financing is the cul - mination of Woodmont’s plan- ning, delivery and lease-up of the premier garden-style com- munity in the greater Princ- eton submarket. Northwest- ern Mutual moved quickly to lock rate in a highly volatile treasury market protecting the borrower from any further upward movements in base rates. JLL is pleased to bring Woodmont and Northwestern Mutual together to consum- mate this transaction in a highly challenged market,” said Didio, Jr. In a separate transaction, JLL Capital markets brokered sale of six-story walk-up in New York on behalf of long- term ownership. The buyer was Lawrence
by healthcare team leader Na- chum Soroka and senior vice president Jacob Schonland . Finally, the company secured $19.6 million in construction financing for the conversion of a former healthcare complex in Bridgeport, CT into a mul- tifamily property. The trans- action was arranged by Blau, Pfeifer, Fried and Bakon. Additionally in 2023, East- ern Union launched a three- month internship program in the real estate industry, where participants receive training from Bergman and a team of senior brokers. “Eastern Union takes pride in helping young job seekers find ways to jump-start their careers,” said Bergman. “Our internship program represents a good example of the way we like to open our doors to the community to offer new op- portunities for professional advancement.” MAREJ Movtady’s Movcap invest- ment company. The sale price was $5.25 million. The JLL Capital Markets team representing the seller included managing directors Hall Oster and Paul Smad- beck , vice presidents Teddy Galligan and Conrad Martin and associate Braedon Gait . 211 West 85th St. features 13 apartments configured as three two-bedrooms, one three-bedroom and nine four- bedrooms. Well maintained over 30 years of ownership, the property has a rear yard and is located within easy walking distance of the neighborhood’s many attractions. Steps from the main Broad- way retail corridor, as well as a variety of popular bars and restaurants along Amsterdam Avenue, the building is two blocks from both Central and Riverside parks. In addition, the 86th Street subway station lies within one block, providing quick and convenient access to Midtown Manhattan. MAREJ
Union placed and closed loans with 126 lenders in 2023. Addition- ally, reflect- ing the com- pany’s wide geographic reach, East-
Abe Bergman
ern Union closed transactions in support of properties in 30 states across the country. The full complement of deals in 2023 represented 19 different property types. “Eastern Union brokers sus- tain strong relationships with lenders and bankers nation- wide,” said Abe Bergman , Eastern Union’s president and co-founder. “Our team is highly skilled at identifying the lender who’s prepared to go WEST WINDSOR, NJ — JLL Capital Markets has arranged permanent financing for Woodmont Way at West Windsor, a 443-unit, garden- style, luxury multi-housing community located in West Windsor, Mercer County. JLL represented the bor- rower, Woodmont Proper- ties (Woodmont) , to secure the five-year, fixed-rate loan through Northwestern Mutual. Constructed in 2022, the 13-building Woodmont Way at West Windsor features a mix of one-, two- and three- bedroom apartment units. The units feature quartz coun- tertops, stainless steel appli- ances, in-unit washers and dryers, a private patio and balcony, nine-foot ceilings, oversized windows, wood-style plank floors and expansive walk-in closets. Community amenities include a two-story clubhouse, a swimming pool and sundeck, a resident lounge with fireplace and golf simu - lator, state-of-the-art gym, a
Eastern Union secured a major deal in 2023 with a $74.2M refinancing for the construction loan of a 256-unit multifamily property in Teaneck, NJ. furthest to help clients achieve their business objectives.”
Union. “For more than two de- cades, Eastern Union has built powerful bonds of trust with America’s lending community.” Among the year’s standout transactions, Eastern Union closed on the $74.2 million refi - nancing of a construction loan for a 256-unit, multifamily property in Teaneck, NJ. The
“We work closely with sav- ings banks, bridge lenders, balance sheet lenders, credit unions, and insurance compa- nies, as well as institutional, agency and Wall Street lend- ers,” said Moshe Maybloom , managing director at Eastern
JLL represents borrower, Woodmont Properties to secure five-year, fixed-rate loan through Northwestern Mutual
Woodmont Way at West Windsor
game den, a dog park, a pet spa, outdoor courtyards with pickleball and more. Situated at 100 Woodstone Circle, Woodmont Way at West Windsor is located with- in proximity to State Route 1 and State Route 206. It is within a 20-minute drive to the Princeton Airport and a three-mile commute to the Princeton Junction train. Nearby amenities include the Mercer County Park and
Princeton Battlefield State Park, as well as the stores and restaurants at Princeton Mar- ket Fair and Shops at Windsor Green. There are also signifi - cant employers in the immedi- ate area, including the Bristol- Myers Squibb Research and Development Headquarters and the 2.3-million-square- foot Carnegie Center Office Campus. In addition, Princ- eton University is within two miles of the property by car.
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