Eastern Union successfully arranged a $10.965-million loan to refinance the construction of a 71,000-square-foot mixed-use property in Newark’s Central Ward. The mortgage was secured by Vice President Chaim Greenfield and Loan Originator Joseph Sasson, with underwriting by Alex Jaffa. Although the lender’s identity remains undisclosed, Eastern Union worked diligently to secure favorable financing for their client.
The refinancing agreement has a 24-month term with undisclosed interest-only payments and was obtained by Mid-Atlantic Investment Alliance, known for their expertise in urban redevelopment projects.
According to Greenfield, Eastern Union overcame challenges posed by today’s economic climate and negotiated advantageous terms for their client: “We worked tirelessly to structure this transaction in a way that would attract good financing.”
The seven-story property is currently being developed as part of an adaptive reuse project at 535-541 Dr. Martin Luther King Jr Blvd., which will be known as The BLVD upon completion approximately 18 months from now. It will feature ground-floor commercial space along with 40 residential units.
