Dealmaker: Eastern Union Arranges $18.5M for Refinance of New Hampshire Mixed-Use Property

(Image courtesy of Eastern Union)

Eastern Union, New York, arranged an $18.5 million loan to refinance construction of a multifamily, mixed-use development in Manchester, N.H.

The 12-month mortgage was secured by Loan Consultant Yossi Rubin and Loan Originator Chaskel Horowitz. The refinancing carried an interest rate of 10% with an interest-only period of twelve months.

The lender was the Poverni Sheikh Group. The borrowers were Velocity Capital Partners, represented by Director of Debt and Acquisitions Drew Breton, and Avatar Construction, represented by President Nazar Vincent.

The development is currently under construction, expected to be completed this year. It will feature 77 units and is located near the University of New Hampshire and the Southern New Hampshire University Arena.