UNION CITY, NJ–The Alexander Anderson Real Estate Group has arranged a $9.5 million refinance loan for the Union Square building in Union City. The new mortgage loan carries a 4.25% interest rate, with a five-year term to be amortized over 30 years.
The 40-unit building had originally been financed as a condo development. However, the owner Caesar Ramos re-positioned the building at 539-549 38th St. as high-end rental apartments after the downward turn in the market for condos.
“Over the last six months, we worked with Mr. Ramos, the tenants, and the bank to show that Union City can support a demand for luxury rentals in today's market.” said Corrado Belgiovine, the president and Broker of Record for Alexander Anderson. “We were able to secure our client a long-term plan and save him over $15,000 a month over the next 5 years.
When the real estate group began working with the Union Square building only 11 units were occupied. Within the last six months, the building quickly filled up with tenants. It is now 95% occupied and will likely reach 100% within the next couple of months, according to Belgiovine.
Alexander Anderson's CEO, Eric Anderson, said the transaction shows how it makes sense for developers to work with a broker to structure financing.
“Lending professionals are working in the best interest of the lending institution,” Anderson said. “In contrast Alexander Anderson Real Estate Group is retained to ensure that the client gets to choose the best options available to them. We work only in the clients' best interest.”
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