Dealmaker: Eastern Union Closes on $74M Refinance for New Jersey Property

(Rendering courtesy of Eastern Union)

Eastern Union, New York, closed on a $74.2 million transaction to refinance a construction loan for a multifamily property in northern New Jersey.

The property, currently under construction, features more than 250 units and is located in Teaneck, in Bergen County, N.J.

With a 36-month term, the transaction carried a 75% loan-to-cost ratio. The interest rate was set at 7.8%, with interest-only payments for the full term.

Gabriel Sasson, a senior associate with Eastern Union, brokered the loan.

“This closing represents another example of Eastern Union’s deep-rooted familiarity with thousands of lending institutions throughout the country,” said Abe Bergman, President and Co-founder of Eastern Union. He noted Bergen County has the largest gross domestic product of any of the 21 counties in New Jersey.