Eastern Union secures $74.2 million construction loan for 256-unit multifamily project

Teaneck, NJ Eastern Union, one of America’s largest commercial real estate mortgage brokerage firms, has closed on a $74,217,664 transaction toward the refinancing of a construction loan for a 256-unit, multifamily property.

The six-floor, 250,000 s/f development is now under construction at 329 Alfred Ave. near Route 4.

With a 36-month term, the transaction carried a 75-percent loan-to-cost ratio. The interest rate was set at 7.8%, with interest-only payments for the full term.

The loan was brokered by Gabriel Sasson, a senior associate with Eastern Union.

“This closing represents another example of Eastern Union’s deep-rooted familiarity with thousands of lending institutions throughout the country,” said Abe Bergman, president and co-founder of Eastern Union. “Bergen County has the largest gross domestic product of any of the 21 counties in New Jersey, and we're proud to contribute to its vibrant economy.”

Neither the names of the owner nor the lender was disclosed.