ABJ Properties, run by Ben and Joe Soleimani, closed on the acquisition of the 12-building Manhattan Avenue Portfolio recently.
Eastern Union funding, one of the country’s largest private mortgage brokerage companies, finalized the sale with a $9.5 million loan.
Arranged by Ira Zlotowitz and Meir Kessner, respectively president and senior managing director at the firm, the loan covers 80 percent of the building’s value.
It was provided by Customers Bank and features a 3.75 Interest rate without recourse.
“Eastern Union, and our client, believes in the area strongly. We believe in the long term value here,” Zlotowitz said. “The investment strategy was well-executed, making the deal serviceable and smooth till closing.”
The properties are located at 492, 496, 498, 500, 506, 508, 510 and 514 Manhattan Avenue; 317 West 120th Street; 301 West 121st Street; 309 West 121st Street and 312 West 121st Street.