Details about the property locations or their owner were not disclosed.
“The appeal was a strong cash flow and good borrower,” Jeff Seidenfeld, Eastern Union Funding’s managing director, told MHN. “Multifamily in the area is very strong.”
The deal closed just days before a federal rate hike virtually guaranteed such rates to become historic figures, protecting the client for seven years.
“It was important because rates are moving up, and we got this in on time,” Seidenfeld said. “We have been telling all our clients the same thing: now is the time to rate lock.”
Seidenfeld negotiated the non-recourse, seven-year $30 million loan at 3.45 percent and arranged a complete cash-out within a year-and-a-half of purchase.
Funding was brokered through Kearny Savings Bank.
Eastern Union closes an average of $3 billion in annual transaction volume nationwide.