Eastern Union Funding arranged financing for a circa-1927 building on 975 Walton Avenue in the Bronx on behalf of City Life Realty.
Eastern Union’s client scooped up the property’s 185 multifamily units and one commercial space from E&M Associates for $30 million.
975 Walton Avenue
The pre-war property survived a severe fire in 2012, rebuilt, and remains a neighborhood fixture. It is within throwing distance of Yankee Stadium and a landmark in The Bronx.
Eastern Union’s David Eisen brokered a non-recourse $22.5 million loan with Investors Bank. The deal has a 12-year term with the first seven years fixed.
The deal is also the latest in a slew of mid-to-large New York City acquisitions by Eisen, who said this property has a distinguishing trait: namely size.
“You don’t find buildings like this anymore. It’s big. A big, boxy building with big units — they don’t built such large units today,” Eisen said.
