Poverni Sheikh Group Lends $18.5M For 77-Unit Development Site In Manchester, NH

The asset involved in this transaction is a development site located at 31 Central Street, Manchester, NH, comprising a total area of 98,000 square feet. The transaction features a loan amount of $18,500,000 for construction, representing a significant investment in the area.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $18,500,000
• Lender: Eugene Poverni - Poverni Sheikh Group
• Landlord: Steeve Breton - Velocity Capital Partners
• Landlord: Nazar Vincent - Avatar Construction Inc
• Brokers: Yossi Rubin & Chaskel Horowitz - Eastern Union
• Loan Type: Construction
• Loan Terms: 12-month refinance with a 10% interest rate
• Completion Timeline: Set for completion by year's end

Eastern Union facilitated the financing arrangement, securing the loan for a 77-unit mixed-use development project close to UNH. The brokers involved in the deal are Yossi Rubin and Chaskel Horowitz, who played a crucial role in structuring the loan through Poverni Sheikh Group.