Dealmaker: Eastern Union Arranges $11M Loan to Refinance New Jersey Property

(Image courtesy of Eastern Union)

Eastern Union, New York, arranged a $10.965 million loan to refinance construction of a mixed-use property in Newark, N.J. The property is an adaptive reuse of an office building.

The mortgage was secured by Vice President Chaim Greenfield and Loan Originator Joseph Sasson. Alex Jaffa served as underwriter for the transaction.        

The refinancing carried a 24-month term with interest-only payments throughout the period. The borrower was Mid-Atlantic Investment Alliance, a real estate company that specializes in urban redevelopment projects.

The property, which will be called The BLVD, is scheduled for completion in about a year and half. It will include 40 residential units and ground-floor commercial space. Twenty percent of the units will be reserved for affordable housing.