Eastern Union recently completed a successful $74.2 million refinancing deal for a 256-unit multifamily property in Teaneck, Bergen County, New Jersey. The borrower and lender involved have not been disclosed.
Located at 329 Alfred Avenue near Route 4, this six-floor development spans over 250,000 square feet and is currently under construction. With a term of 36 months and loan-to-cost ratio of 75%, the loan features an interest rate of 7.8% with interest-only payments throughout the entire term.
The transaction was facilitated by Eastern Union’s own Gabriel Sasson as broker.
