Dealmaker: Eastern Union Arranges $34M in Financing Toward Brooklyn Medical Office Acquisition

(Image courtesy of Eastern Union)

Eastern Union, Howell, N.J., secured a $33.8 million loan to help finance the purchase of a medical office building in the Borough Park neighborhood of Brooklyn, N.Y.

The transaction was led by Alex Jaffa and Ben Halpern, both senior loan consultants with Eastern Union.

The acquisition carried a total sales price of $42.3 million; the mortgage represents an 80% loan-to-value ratio. With stepdown prepayment penalties, the loan has an interest rate of 5.55% over a five-year term based on a 25-year amortization schedule. The borrower was not identified. The lender was Webster Bank.

The four-story medical office building features 144,263 square feet in net rentable area and was fully renovated in 2010.