Eastern Union Raises 15.5 Million USD To Construct Self-Storage Facility in Perth Amboy, New Jersey

Eastern Union, a leading commercial mortgage brokerage firm, has announced on Wednesday May 6, 2020 that the company has successfully raised 15.5 Million USD for the construction of a ground-up 1,115-unit self-storage facility in Perth Amboy, New Jersey.

According to the details released by the PR Newswire News Agency, the funding will also cover the cost construction and land-acquisition of a 130,000 square foot storage building, was arranged by the company’s underwriting director Barry Dollman and Managing Director David Merkin. Despite the high-level disruption caused by the ongoing global Covid-19 pandemic, the deal successfully closed on March 30, 2020.

The company’s new ground-up 1,115 self unit storage facility will be managed by the Utah-based real estate investment trust. However, the company has not yet disclosed the identity of the seller involved in the process.

Company’s Managing Director, David Merkin said, “It’s challenging to secure construction financing even under normal market conditions.”

“Eastern Union was pleased to meet our client’s needs by identifying a lender that was ready to offer a non-recourse loan at a high leverage ratio. Moreover, the lender was willing to stand by its original offer, even as economic circumstances were rapidly changing,” David Merkin further added.

About Eastern Union:

Eastern Union was founded in 2001 and it is basically a leading commercial mortgage brokerage firm that has deployed more than 100 real estate professional and skilled brokers. The company annually closed business transactions of up to 5 Billion USD annually. All the capital introduction of the company is managed through its affiliate company, Eastern Equity Advisors.

The company enjoys close and cordial relationships with banks and leading financial institutions and it has extensive knowledge of the commercial real estate marketplace. The company is fully equipped to swiftly arrange the financing for multi-site, multi-state and complex portfolios.

Edward Hancock

Edward Hancock holds Master’s degree in Business Administration. After completing his post-graduation, Edward jumped the journalism bandwagon as a freelance news writer. Soon after that he landed a job of reporter and has been climbing the news industry ladder ever since to reach the post of editor. As an avid day trader, Edward is a master of technical analysis and writes tirelessly on how stocks are trading. He has extensive knowledge in technical analysis & news writing. Edward delivers news reports regarding Trending news category.

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