Eastern Union Funding continued to forge its national footprint by arranging a $42.66 million acquisition loan for one of CityR Group’s biggest deals yet — a 672-unit multifamily trade in Illinois.
Originated by Eastern Union president Ira Zlotowitz and Michael Muller, senior managing director, the Fannie Mae loan features a ten-year term with a 4.03 percent interest rate. Provided by Arbor Commercial Mortgage, the loan covers roughly 83 percent of the purchase price.
The property, The New Colonies, traded for $51.658 million and is located at 316 West 34th Street, Steger IL, roughly 35 miles south of Chicago.
The size of the deal measured significant growth for the firm. “As CityR started working on larger deals, we facilitated their growth accordingly, and the underwriting that went into this deal allowed us to obtain the full proceeds we needed,” Zlotowitz said. “Thanks to our relationship with Arbor and understanding of Fannie Mae, we could ultimately deliver the dollars, branch out into different markets, complement a nationwide presence and grow with our client.”
CityR Group is an international firm with offices in the United States – where it owns thousands of units – as well as Israel and London. Yariv Ben-Ari of Akerman LLP, represented CityR Group on this deal.