Eastern Union Funding (Eastern), one of the most active commercial real estate mortgage brokerage firms in the nation, has arranged financing of $55.2 million for a private New Jersey-based investment group in support of their acquisition of The Wescott, a 261-unit Class-A apartment community located in Stamford, Connecticut.
David Singer, senior vice president at Eastern Union Funding, arranged the seven-year loan through Greystone at an interest rate of 3.564 percent. The total sale price was $67 million. The seller as TH Real Estate (an affiliate of Nuveen, a TIAA company).
“This was a particularly rewarding transaction because we worked very hard with Freddie Mac and the lender to underwrite to market rents, even though there is an affordability component,” said Mr. Singer. “Stamford is doing very well economically and AMI (area median income) is very high, keeping market unit rents and affordable unit rents very closely in line with each other.”
Built in 1986, the property offers one of the most expansive amenity packages in the market, featuring an indoor/outdoor pool, clubroom with kitchen, media lounge and billiards room, fitness center, tennis courts, basketball court, outdoor courtyard and garage parking. Most units have been renovated with all new kitchens, featuring granite counters, new cabinets, stainless steel appliances, new baths, lighting and fixtures. There is also the opportunity for new ownership to grow revenue as there is 8,500 square feet of vacant commercial space that was formerly occupied by medical tenants.
ABOUT EASTERN UNION FUNDING:
Eastern Union Funding (Eastern) is among the most active commercial real estate mortgage brokerage firms in the U.S., closing an average of $3.5 billion in transaction volume annually. Serving as trusted advisors to real estate owners and working with over 100 capital sources, Eastern and its affiliates deliver a full range of financing products covering the entire capital stack: including traditional mortgages, bridge and structured lending, and equity capital, for all major property types including multifamily, office, retail, mixed-use, healthcare and industrial. To meet increasing demand and offer the best service in the industry, Eastern routes all deals through its unique Quotes and Term Sheets (QTS) Division. The QTS division provides clients with access to the best terms available in the market by processing each transaction and matching it with the right potential capital sources based on data about specific deal parameters. Eastern also operates a new Broker Affiliate Division, which leverages the firm’s.