Eastern Union Funding orchestrates financing of $3.44 million in Metro D.C.

Local developer Community Three Development is renovating 17 one-bedroom apartments in Foxhall Village, a coveted neighborhood. Marc Tropp and Shai Romirowsky of Eastern Union Funding, one of the country's largest private mortgage brokerage companies serving the national commercial real estate sector, negotiated a $3.44 million loan to purchase and renovate the apartment building. The purchase price was $3 million. The new owner plans to improve common areas and upgrade the vacant units by replacing kitchen cabinets, countertops, appliances, bathroom fixtures and tiling. alongwith rehabilitating the hardwood flooring. "We are fortunate to have found this apartment complex largely vacant, allowing us to bring much value to the property," said Daniel Kaplan, Acquisitions Director at Community Three Development. "Shai approached us about financing options at a very opportune moment, and positively changed the economics of the deal. The structure that Eastern provided was extremely attractive and made the decision to move forward even easier." The loan covers a substantial portion of the total project costs with interest only payments during the renovation period. Once the improvements are made and the property is fully stabilized, the loan will begin to fully amortize with a fixed annual interest rate. "We were committed to a quick closing, and the total time from term sheet to closing was under 30 days," said Tropp, managing director at Eastern's Bethesda branch. Tropp and Romirowsky recently formed a partnership to manage all deal flow, which provides clients with double the attention and value. "We're essentially bringing clients twice the manpower, and playing to both our strengths" Tropp said. "We work extremely well together and this recent example at Foxhall Village highlights our value proposition."