Eastern Union Funding has arranged an acquisition loan for Brooklyn-based real estate company E&M Associates.
E&M — which last year purchased an 84-building Upper Manhattan portfolio for $340 million — recently announced the purchase of a $52 million Queens portfolio.
Company founder Irving Langer, together with his son Michael Langer and partner Danny Goldstein, will spend money on improvements for the properties located at 22-11 New Haven Ave; 407 Beach 20th St; 22-04 Collier Ave and 707 Beach 9th St. in Far Rockaway, NY.
Eastern Union’s Jeff Seidenfeld arranged an acquisition loan covering 77 percent of the appraised value for the portfolio, provided by Customers Bank with a 3.25 percent annual interest rate.
The loan features no prepayment penalty and additional earn out available to fund the upgrades at the same rate.
Long overlooked by Manhattan-centric investors, Queens is seeing historic development activity with construction planned for over 8,000 new units over the next three years.
Recent acquisitions from E&M include over 3,500 units in Lower Manhattan and The Bronx. The Queens purchase signals a significant presence in multiple boroughs.
Seidenfeld said, “Given the surge in Queens development and demand there, a lot of capital was chasing this deal and we had a commitment within 30 days.”