21-Year-Old Eastern Union Broker Secures $38.4-Million Refinancing for Multifamily Property in Columbia, SC
Joseph Sasson Delivers 80-Percent Loan-to-Value Financing on 285-Unit Site
NEW YORK, July 12, 2022 /PRNewswire/ -- With precisely two years on the job, 21-year-old Joseph Sasson -- a commercial real estate loan originator with Eastern Union -- has arranged for the $38,372,600 refinancing of the Roseberry Apartments, a 285-unit multifamily property in Columbia, SC.
Eastern Union, based in New York, is one of America's largest providers of commercial mortgage brokerage and capital markets advisory services.
The interest rate was fixed at 3.74 percent over a 35-year term, on a self-liquidating basis. The financing represented an 80-percnt loan-to-value ratio.
The loan for the four-year-old, five-story property was financed through HUD with Greystone serving as the DUS (Delegated Underwriting and Servicing) lender.
From beginning to end, the transaction took twelve-and-a-half months to consummate, according to Mr. Sasson.
Mr. Sasson and his fellow brokers at Eastern Union had arranged acquisition financing for this same property one year prior in June of 2021. The borrower was not identified.
"Because of increasing interest rates, inflated prices and compressed cap rates, this is a time when a broker is able to deliver a great deal of value," said Mr. Sasson. "In addition, Eastern Union brokers are able to enhance that value by having lenders compete for a client's business, which enables borrowers to obtain the best loan available."
"Eastern Union has been consistently committed to the training and nurturing of our younger staff, and Joseph Sasson's remarkable record of success is a reflection of this commitment," said Eastern Union president and CEO Abe Bergman. "We create a teamwork-oriented work environment, and new brokers receive ample mentoring and support from experienced brokers."
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes an average of $4 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, mobile home parks, single-family rentals, investment sales, and -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.
For more information, visit www.easternunion.com.
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SOURCE Eastern Union