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.
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