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Eastern unlocks $40m in East coast cash.

Commercial mortgage brokerage firm Eastern Union Funding announced that it has arranged approximately $25 million in financing for commercial real estate properties in Bronx, New York.

The company arranged another $14 million for projects in the Philadelphian area in recent weeks also.

Select transactions include $11 million to refinance a 127-unit multi-family portfolio in the Bronx, on a 7 year term, at 3.25 percent and 25 year amortization with one year IO. Eli Breiner arranged the transaction.

$4.2 million was arranged to purchase of a 54-unit multi-family property on Grand Avenue in The Bronx, on a 5+5 year term, at 3.5 percent, and 30 year amortization with one year IO. Michael Muller arranged the transaction $3.25 million to refinance a multi-family property on Gerard Avenue in the Bronx, on a 7+5 year term, at 3.5 percent and 30 year amortization. Michael Muller arranged the transaction

In Philadelphia, Eastern arranged $6.9 million to refinance a multi-family property in South Philadelphia, on a 10 year term, at 3.88 percent, and 30 year amortization, with one year IO. Eli Breiner arranged the transaction.

A $4.5 million loan was arranged for the re-finance a 220,000 s/f industrial flex property in Bethlehem, PA, on a 5 year term, at 5 percent, and 25 year amortization. Deal was non-recourse despite 50 percent occupancy. Eli Breiner arranged the transaction.

And, $2 million to refinance a 66 unit multi-family property on 52nd Street in Philadelphia, on a 10 year term, at 3.99 percent, and 30 year amortization. David Metzger arranged the transaction.

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Title Annotation:Eastern Union Funding
Comment:Eastern unlocks $40m in East coast cash.(Eastern Union Funding )
Publication:Real Estate Weekly
Article Type:Brief article
Date:Feb 20, 2013
Words:267
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