PARAMUS, NJ—Eastern Union Funding arranged a creative financing solution for an international client refinancing Sprout Brook Shopping Center, on the robust retail corridor along Route 17 in Paramus. The brokers originated and negotiated a five year non-recourse loan at 3.5 percent with 70 percent LTV through Flushing Savings Bank.
Sprout Brook is a 22,000 square-foot retail center anchored by a Vitamin Shoppe and Jenny Craig with ten total retail units. It is owned by international real estate investment firm Cofinance Group.
The refinance of this asset, one of several Cofinance products in New Jersey, was orchestrated by Eastern Union's co-founder and managing partner Abraham Bergman and Joseph Orzel, senior loan consultant.
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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].
