Eastern Union Arranges Financing for $17.9 Million Sale of 600,000-Square-Foot Auto Parts Manufacturing Portfolio in Iowa
NEW YORK, July 22, 2019 /PRNewswire/ — Eastern Union, one of the country’s leading commercial mortgage brokerage firms, has arranged financing for the $17.9-million sale of the 600,000-square-foot Magna International portfolio, a group of four automobile parts manufacturing facilities situated in multiple locations in Iowa.
Abe Kolman, a senior loan analyst with Eastern Union, delivered loans facilitating the sale of the properties by Toronto-based Granite REIT America to Beau Pere Real Estate LLC of Elmsford, NY.
Mr. Kolman concluded the financing under substantial time pressures. Representing a buyer facing the imminent expiration of capital gains tax benefits associated with a Section 1031 exchange, the Eastern Union executive arranged the approval within a fast-paced, three-and-a-half-week period.
Compounding the challenge, the properties faced various environmental issues and were subject to short-term leases. Mr. Kolman secured a 4.5-percent interest rate with a four-year term on two parcels with only four years left on their leases. He also arranged for a 4.75-percent interest rate with a seven-year term on the two other associated sites, which had seven years remaining on their leases.
The transaction was closed with a highly favorable loan-to-value ratio of 75 percent, with financing provided by Bank of the West.
«Acting on an unusually tight timetable, we had to overcome a number of daunting challenges to help conclude a transaction satisfactory to all parties,» said Mr. Kolman. «Eastern Union has a national reputation for closing large and complex transactions, and we’re proud to have had the opportunity to add this two-part financing to the list.»
About Eastern Union
Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage company that has closed $12 billion in real estate transactions over the past three years. The firm — whose equity transactions are handled through its affiliated equity brokerage company, Eastern Equity Advisors — employs more than 70 highly skilled brokers and real estate professionals.
Consistently putting their clients’ needs first, Eastern Union team members leverage their extensive knowledge of the commercial real estate marketplace to bring clients the best rates available. Eastern Union’s experience enables the company to arrange financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions.
Eastern Union, which operates nationwide, is headquartered in New York, with offices in New Jersey and Maryland. For more information, visit http://www.easternunion.com/.
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SOURCE Eastern Union