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Debt & Equity

Eastern Union gets historic with Queens loan rate

Jeff Seidenfeld, managing director at Eastern Union Funding, negotiated a $30 million refi covering three buildings in Queens with a competitive rate and all cash out arrangement.

The deal closed just days before a federal rate hike virtually guaranteed such rates to become historic figures, protecting the client for seven years.

Flushing Main Street. Photo by squirrel83/ Flickr
Flushing Main Street. Photo by squirrel83/ Flickr

Seidenfeld negotiated the non-recourse, seven-year $30 million loan at 3.45% and arranged a complete cash-out within a year-and-a-half of purchase. Funding was brokered through Kearny Savings Bank.

The three-building Queens, N.Y. portfolio comprises more than 250 residential units.

“Thanks to Eastern’s lending relationships, we were able to see movement on this deal quickly,” stated Seidenfeld. “Most noteworthy is the timing of this deal and having locked in a favorable rate before the announcement. We have been telling all our clients the same thing: now is the time to rate lock.”

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