Eastern Union Arranges $18.5M Refinance for Manchester Mixed-Use Development
Eastern Union, one of the largest commercial real estate mortgage brokerages in the U.S., has arranged an $18.5 million loan to refinance the construction of a 77-unit multifamily, mixed-use development in Manchester, New Hampshire. The loan supports an eight-story, 98,000-square-foot building currently under construction at 31 Central Street, near the University of New Hampshire and the Southern New Hampshire University Arena. Construction is expected to be completed by the end of the year.
The 12-month mortgage was secured by Eastern Union’s loan consultant Yossi Rubin and loan originator Chaskel Horowitz. The refinancing, on behalf of developers Velocity Capital Partners and Avatar Construction Inc., features a 10% interest rate with a 12-month interest-only period. The lender for this transaction was the Poverni Sheikh Group.
“We are grateful that we were able to connect the development team to the right lender to support their construction project,” said Rubin. “Choosing the right financing is crucial for successful project completion.”
