Eastern Union Closes $74.2M Refinancing Deal For Teaneck Multifamily Property
329 Alfred Avenue
Summary
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.
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