Ackerman of Eastern Union Commercial arranges $94 million in financing within 60 days

According to Eastern Union Commercial, Shaya Ackerman, a managing director in the firm's New Jersey office, has arranged $94 million in financing in 60 days. As one of the firm's leading brokers, Ackerman said that the success is not his alone. "I have a great team working with me at Eastern Union and the support of the entire organization. The quality and number of lending relationships the firm has cultivated, the vast industry knowledge and first-class support staff have all contributed to our success in closing deals," he said. "Our ability to structure financing of all sizes and for all property types stem from the time and attention we put into learning and understanding each of our client's individual financing needs and then structuring each loan to meet them." He arranged the following transactions, predominantly for properties in the N.Y./N.J. region: * $28.384 million with a floating rate of 350 bpi over the 30-day Libor (no floor) to refinance two medical office buildings totaling approximately 270,000 /f in Newark, N.J. The deal was closed with TD Bank. * $9.6 million at 4.375% to refinance a 43-unit residential property in Astoria, Queens, on behalf of the borrower, Alma Realty. The lender was Investors Bank with a 5-plus, 5-year loan with a 30-year amortization. Construction was recently completed on a portion of the building. The loan was committed and funded during lease-up. "Shaya Ackerman is a true professional and a pleasure to work with," said George Valiotis, principal at Alma Realty. "The refinancing was a multifaceted transaction and Shaya had what it took to get the deal closed." * A $6.553 million construction loan for the acquisition and gut renovation of a 65-unit multifamily property in Brooklyn, on behalf of the borrower, the Marcal Group. The lender was Investors Bank with a two-year loan at 75% of all costs, at a rate of prime plus one. The loan has a built-in option to convert to a permanent 10-year term at 4.125% and a 30-year amortization upon stabilization of the asset. "Whenever Shaya Ackerman is involved in securing our financing, there is a sense of comfort that he will deliver," said Mark Caller, of the Marcal Group. "Our deal has a construction component that certainly could have made things complicated, but Shaya was able to deliver without any complications." * A $9.25 million loan at 3.73% to refinance a 54,200 s/f commercial building in Queens, which included ground-floor retail and three floors of office. The lender was TD Bank with a 5-year term, 25-year amortization and limited recourse. Also among the deals that Ackerman closed are $7.3 million and $7 million in financing, respectively, for the purchase of two mixed-use properties in N.Y.C.; a $9.6 million SBA loan, secured by a leasehold interest; a $2.45 million cash-out for the gut rehab of a Jersey City multifamily project and $2.3 million to refinance a multifamily property in Peoria, Illi. "At some point in the process, Shaya Ackerman's clients almost always tell us that he has a deeper understanding of their property and their financing needs than they themselves do," said Ira Zlotowitz, president of Eastern Union Commercial. "Clients are invariably impressed by his intuitive ability to structure deals. They accurately perceive that they could not be getting any better outcome." About Eastern Union Commercial Eastern Union Commercial is one of the country's largest, privately owned mortgage companies, on a transaction volume basis, serving the national commercial real estate sector. Specializing in loans up to $50 million and with total annual transaction volume exceeding $1 billion, Eastern Union Commercial works closely with a wide spectrum of lenders to finance transactions for multifamily, office, retail, hotel, healthcare, industrial, construction, co-op and self-storage properties. The company has offices in New York, New Jersey and Maryland.