Eastern Union, one of America’s largest commercial real estate mortgage brokerages, has arranged an $18.5-million loan to refinance construction of a 77-unit, multifamily, mixed-use development in Manchester, New Hampshire.
The eight-story, 98,000-square-foot building, presently under construction, is located 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 this year.
“We are grateful that we were able to connect the development team to the right lender to support their construction project,” said Mr. Rubin. “Choosing the right financing is crucial for successful project completion.”
The Central Street property refinancing carried an interest rate of ten percent with an interest-only period of twelve months. The lender was the Poverni Sheikh Group.
There were two borrowers: One was Velocity Capital Partners of Boston, which was represented by Drew Breton, director of debt and acquisitions. The other borrower was Avatar Construction Inc. of Watertown, Massachusetts, which was represented by president Nazar Vincent.
Mr. Rubin expressed gratitude to Robert Schiavo for introducing the ownership team to Eastern Union. Mr. Schiavo is president of Schiavo Enterprise of Dedham, Massachusetts.
Founded in 2001, Eastern Union is a national commercial real estate firm that employs more than 90 real estate professionals and closes billions of dollars’ worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
