Sharestates Provides $2.4M Acquisition Loan For Multi-Family Property In East Orange, NJ

Located at 500 Park Avenue in East Orange, NJ, this multi-family property spans approximately 20,710 square feet. The transaction took place on January 4, 2022, and was captured in an Instagram post by Michael Ramin and Michael Muller.

Summary of transaction details:

• Property Type: Multi Family
• Transaction Amount: $2,403,000
• Address: 500 Park Avenue, East Orange, NJ
• Market: East Orange, NJ
• Lender: sharestates''>Sharestates, Inc - Michael Ramin
• Landlord: TJ Caleca
• Broker: Michael Muller - Eastern Union Funding

In this acquisition deal, the borrower initially pursued another buyer but faced a change of heart. Sharestates, represented by Michael Ramin, stepped in to offer high leverage financing for the purchase of this 20-unit cooperative conversion to multifamily. The loan amount provided was $2,403,000, assisting with not only the acquisition but also the capital expenditures necessary to complete the conversion.

The transaction was coordinated by Michael Muller from Eastern Union Funding. Additional individuals named Michael were also involved, although they preferred to stay out of the spotlight. As a direct national private lender, Sharestates specializes in various loan types such as 1-4 family fix and flip, large multi-family bridge and value add, ground up construction, and long-term rental loans.