Based in Bethesda, MD, the Eastern Union’s Mid-Atlantic Group secured more than $75 million in commercial financing within a 40-day period over May and June. Financing was delivered within the multifamily, single-family rental, retail, and industrial asset classes.
Eastern Union is one of the country’s largest commercial real estate brokerage firms.
The largest transaction closed by the Mid-Atlantic office during this time span was a $49.5-million construction loan provided to New York-based Hillcrest Acquisitions in support of a planned 288-unit multifamily property in Madison, AL, a submarket of Huntsville. The complex, called The Gabriel, will consist of ten three-story buildings and is scheduled for completion in July 2024. The financing, carrying a 36-month term, was provided by 3650 REIT.
The Eastern Union team also secured $19 million in residential refinancing for an East Coast real estate asset, and completed the capital stack on a financial package for a multifamily property in Virginia Beach, VA.
In addition, the Mid-Atlantic Group helped complete an owner’s business plan by delivering $4.43 million in bridge debt — at a competitive floating rate — for a free-standing, 60,000-square-foot warehouse in Camp Hill, PA. The loan amounted to 80 percent of the purchase price.
Also during this period, the Bethesda office closed mortgage deals for retail properties in Euclid, Ohio; Cambridge, Maryland; and Lancaster, Pennsylvania
Eastern Union’s Bethesda office is led by senior managing director Marc Tropp and senior managing director David Merkin.
“An important part of our business approach is always to be forthcoming with clients,” said Mr. Tropp. “In the case of the construction loan in Madison, Alabama, we made sure that the client understood that this was a non-traditional transaction, and therefore it would make sense to secure financing from non-traditional sources.”
“The high performance of Eastern Union’s Mid-Atlantic office reflects the firm’s expertise in navigating today’s volatile real estate market,” said Mr. Merkin. “We leveraged our strong relationships with a wide spectrum of lenders, and we met clients’ needs by coming up with creative financing for their investments.”
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars’ worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.
For more information, visit www.easternunion.com.
