Eastern Union Secures $10.965 Million to Refinance Construction of 71,000-Square-Foot Mixed-Use Property in Newark, NJ

NEW YORK, Feb. 14, 2025 /PRNewswire/ -- Eastern Union, one of America's largest commercial real estate mortgage brokerages, has arranged a $10.965-million loan to refinance construction of a 71,000-square-foot, mixed-use property in the Central Ward of Newark, NJ.

The mortgage was secured by company 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 that period. The interest rate was not disclosed.    

"Eastern Union worked diligently to structure a transaction that positioned the borrower to attract good financing," said Mr. Greenfield. "We overcame challenges associated with today's economic environment and we successfully negotiated good terms for our client."  

The seven-story property, which will be known as The BLVD, is under construction as part of the adaptive reuse of an office building on a 12,000-square-foot site at 535-541 Dr. Martin Luther King, Jr. Boulevard. It is scheduled for completion in approximately 18 months.

The BLVD will include 40 residential units, ground-floor commercial space, a private, outdoor rooftop area, a 1,300-square-foot, top-floor party and game room, and a fitness center for residents. Twenty-percent of the units will be reserved for affordable housing.

The borrower was Mid-Atlantic Investment Alliance, a real estate company specializing in urban redevelopment projects in both established and reemerging locales.

The identity of the lender was not disclosed.

About Eastern Union

Founded in 2001, Eastern Union is a national commercial real estate firm that employs more than 90 real estate professionals and closes billions of dollars' worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, multifamily, office, retail, healthcare, hospitality, manufactured home properties, single-family rentals, self-storage, and -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.

For more information, visit www.easternunion.com.    

Media contact:

Steve Vitoff
Eastern Union
516-652-0785
[email protected] 

SOURCE Eastern Union