MIAMI—Coastal Village apartments just traded for $34.1 million. Eastern Union Funding arranged a $24 million loan for the 200-unit student housing complex.
The 10-year non-recourse loan locks in a 4.3% interest rate with two years interest only. Eastern senior loan consultant Martin Zelcer and Dov Zabrowsky, the firm's head of Structured Finance, originated and negotiated the loan. Wall Street lender Silverpeak Real Estate Finance provided the financing.
“Silverpeak stepped up to the plate and its approval officers pre-confirmed—based on the dynamics of this loan—that they could close within the necessary time frame,” Zabrowsky tells GlobeSt.com. “We're excited to work with an aggressive, up and coming Wall Street shop with veteran personnel.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
