An Eastern Union commercial real estate mortgage brokerage firm closed a $74.2 million deal to refinance a construction loan for a 256-unit multifamily property located at 329 Alfred Avenue in Teaneck, New Jersey. The development site has a building square footage (BSF) of 250,000 and is situated in the Teaneck market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $74,217,664
• Address: 329 Alfred Avenue, Teaneck
• Market: Teaneck
• BSF: 250,000

The loan amount for this transaction is $74,217,664, and it is classified as a construction loan. The loan terms include a 36-month term with a 75-percent loan-to-cost ratio. The interest rate for the loan is set at 7.8 percent, and it features interest-only payments throughout the full term.

The brokers involved in this deal are Abe Bergman and Gabriel Sasson from Eastern Union, a major commercial real estate mortgage brokerage firm. The successful closing of this $74.2 million transaction showcases Eastern Union's industry expertise and lending network in the commercial real estate market.