NEW YORK—Commercial mortgage brokerage firm Eastern Union Commercial has closed an average of $150M in new loans per month during the first quarter of 2012, marking a 110 percent increase for the company compared to its activity in the first quarter 2011.
Some significant loans originated during the first quarter, include:
- A $34M, 5.03 percent, five-year refinance for a four-building, 580-bed nursing portfolio in New York and New Jersey.
- A $28.4M for a refinance of two medical office buildings comprising 270,000 sq.ft. in Newark, N.J.
- A $12.5M bridge loan for a 10-building, 322-unit apartment complex in Lanham, Md. at a rate of 7.5 percent, which will convert to a 10-year Fannie Mae loan after completing a capital improvement program.
- A $17M blanket loan on four elevator apartment buildings in Washington Heights and Inwood, totaling 200 residential and 11 commercial units at 3.50 percent.