Eastern Union Funding, the national mortgage brokerage firm, arranged the financing for the new home of its Howell, NJ, location at 481 Oak Glen Road.
The suburban construction project sprung up in just 10 months, and was fully occupied – in part by Eastern Union Funding itself – even prior to the rapid development concluding.
Financing for phase one of the project, the building which houses Eastern Union Funding, is fully stabilized thanks to a deal arranged by senior mortgage consultant Zevi Schwartz.
It features a competitive rate of 3.875 percent on a five year term, 50 percent non-recourse. The loan was provided by a regional balance sheet lender.
Thanks to the success of phase one, the lender has committed an additional $3.8 million for construction of phase two. The property includes two buildings totaling 100,000 s/f and is owned by an LLC called Howell Plaza LLC.
“This type of rate in suburban New Jersey is outstanding, not to mention a loan which covers about 90 percent of our client’s construction costs—thanks largely to a strong borrower,” Schwartz said.
“Based on the success of the operator, and the building’s performance, we had full occupancy before we even got the C of O.”
