Eastern Union, one of the largest commercial real estate mortgage brokerages in the U.S., arranged an $18.5-million loan to refinance construction of a 77-unit, multifamily, mixed-use development in Manchester, NH. The 12-month mortgage was secured by loan consultant Yossi Rubin and loan originator Chaskel Horowitz.
The refinancing on behalf of Velocity Capital Partners and Avatar Construction Inc. carried an interest rate of 10% with an interest-only period of 12 months. The lender 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.”
The eight-story, 98,000-square-foot building, now under construction, is located at 31 Central St. 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.
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