Eastern Union, a prominent national commercial real estate mortgage brokerage, successfully closed an $18.5-million loan to refinance a massive industrial facility in northern New Jersey.
The transaction covers a 118,352-square-foot, partial two-story, owner-occupied warehouse. While the specific location and the identity of the borrower remain confidential, the deal highlights continued strength in New Jersey’s industrial sector and Eastern Union’s ability to secure favorable terms in a complex lending environment.
In a notable win for the borrower, the team at Eastern Union secured the financing on a non-recourse basis—a structure that limits the lender’s recovery to the collateral property itself rather than the borrower’s personal assets.
“Eastern Union succeeded in nurturing a healthy relationship between the borrower and the lender,” Yossi Orzel, vice president at Eastern Union, said. “As a result, we delivered a non-recourse loan, which is a rare occurrence for this particular category of properties.”
Key terms of the refinancing:
- Loan Amount: $18.5 Million
- Lender: Fulton Bank
- Term: Five years
- Interest Rate: 5.7%
- Loan-to-Value (LTV): 80%
The deal was spearheaded by Eastern Union president and co-founder Abe Bergman, along with Orzel and senior loan originator Becky Friedler.
This closing adds to Eastern Union’s significant footprint in the Garden State. Since its founding 25 years ago, the firm has secured more than $5.76 billion in financing across 1,900 transactions in New Jersey alone.
