LAKEWOOD, NJ–Eastern Union Funding negotiated a $19.5 million loan for the buyer of Washington Square Apartments here, in a deal that took just 30 days start-to-finish, GlobeSt.com has learned.
The Orbach Group sold a 144-unit property with retail here last week for $26 million, according to Eastern Union, which arranged a $19.5 million mortgage loan for the buyer.
Shaya Ackerman negotiated the loan for the unidentified buyer of Washington Square apartments. The loan was provided by Investors Bank, and carries a 3.375% fixed interest rate on a seven-year term.
“The Orbach Group, which has purchased a slew of New York City properties totaling nearly 500 units in 2014 alone, parted with Washington Square Apartments in order to focus on management of properties closer to the city,” according to Ackerman.
Washington Square Apartments is a “high-performing mixed-use property” in a fast-growing market, the finance specialist said. The complex has two four-story elevator buildings with an on-site retail parcel containing a grocery store, a health food store and a dry cleaner.
“Start to finish, the deal was approved and ready to close in under 30 days,” Ackerman said.
Ackerman has handled a string of major transactions in 2014, including a land-loan financing for the future site of a major hotel brand near LaGuardia Airport and a $46.6 million revolving construction loan for a mixed-use project in Willingboro.
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