NEW YORK CITY—Eastern Union Funding has arranged financing for 975 Walton Ave., a circa-1927 building, in the Bronx on behalf of City Life Realty. Eastern Union's client scooped up the property's 185 multifamily units and one commercial space from E & M Associates for $30 million.
The prewar property survived a severe fire in 2012, rebuilt, and remains a neighborhood fixture. It is throwing distance from Yankee Stadium and a landmark in the Bronx.
Eastern Union's David Eisen brokered a non-recourse $22.5 million loan with Investors Bank. The deal has a 12-year term with the first seven years fixed. The deal is the latest in a slew of mid-to-large New York City acquisitions facilitated by Eisen, who says this property has a distinguishing trait: size.
“You don't find buildings like this anymore,” he declares. “It's big. Big boxy building with big units—they don't built such large units today.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
