NEWARK-Eastern Union Commercial mortgage brokerage arranged a $28.4 million refinance loan for the owner of two office buildings in Newark through TD Bank. Shaya Ackerman, managing director in the firm’s New Jersey office, has arranged more than $94 million in financing over the last 60 days, including the Newark deal.
Ackerman tells GlobeSt.com that “Wall Street coming back. A lot of local banks are now lending money, with a 3 % norm. There’s no question building owners are paying prepayment penalties, but considering how low the rates are, this is the right time for it to make sense in many cases.”
For the two Newark buildings comprising 270,000 square feet, Ackerman set up a cross-collateralized loan with a floating rate of 350 b.p.i. over the 30-day Libor rate. Neither the identity of the landlord or the address of the buildings was disclosed. However, one building is situated in the Ironbound section of the city, and the other is near the downtown area.
Another $9.25 million loan arranged recently by Ackerman was for the refinance of a 54,200-square-foot commercial building in Queens, NY. The TD Bank loan carried a 3.73 % interest rate.
Also, in Queens, Ackerman and his team orchestrated a $9.6 million refinance mortgage at 4.375 % to refinance a 43-unit residential property in the Astoria neighborhood for the borrower, Alma Realty.
In addition, a $6.6 million construction loan for the acquisition and gut renovation of a 65-unit multi-family property in Brooklyn was arranged for the Marcal Group. Both residential properties were refinanced through the Investors Group
Other transactions Ackerman recently closed are $7.3 million and $7 million in financing, respectively, for the purchase of two mixed-use properties in New York City; a $9.6 million SBA loan, secured by a leasehold interest; a $2.45 million cash-out for the gut rehab of a Jersey City multi-family project and $2.3 million to refinance a multi-family property in Peoria, Illinois.
“At some point in the process, Shaya Ackerman’s clients almost always tell us that he has a deeper understanding of their property and their financing needs than they themselves do,” says Ira Zlotowitz, president of Eastern Union Commercial. “Clients are invariably impressed by his intuitive ability to structure deals. They accurately perceive that they could not be getting any better outcome.”
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