HOWELL TOWNSHIP, NJ—Mortgage brokerage Eastern Union Funding arranged the financing for the new home of its Howell, NJ, location at 481 Oak Glen Road. The suburban construction project was completed in just 10 months, and was fully occupied – in part by Eastern Union Funding itself – even before the construction project was done.
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 square feet and is owned by Howell Plaza LLC. Howell Plaza has a growing portfolio in the region of mainly office properties.
“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,” says Schwartz. “Based on the success of the operator, and the building's performance, we had full occupancy before we even got the C of O.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
