Eastern Union saved the day for a New York City investor when the company completed a deal which was submitted right before New Years and closed just 29 days later during the the last few business hours of the month.
Eastern’s director of client relations Jake Handelsman negotiated the $20 million refi on a mixed-use property in uptown Manhattan.
With the help of director of underwriting Uri Shoshana, the deal closed one day shy of the deadline set by the client.
Supplied by Customers Bank, the loan features a fixed rate of 3.75 percent for five years.The funding was supplied in two phases, with the earnout getting fixed upon closing at the same rate.
Had the loan not closed Friday, the client would have opted for a five year extension on their current loan paying around three points more than the current arrangement offers.
“Getting a deal done in 30 days is about understanding the deal and understanding the client’s needs,” Handelsman said.
Located on West 145th Street in NYC, the property is comprised of a rectangular-shaped parcel of land improved with two adjacent six-story plus basement buildings.