Manchester United Plc's Role in Eastern Union's $18.5M Refinancing for Local Development
- Eastern Union arranged an $18.5 million refinancing loan for a mixed-use development in Manchester, New Hampshire.
- The project includes 77 residential units and is strategically located near educational institutions.
- Eastern Union's financing contributes to addressing housing shortages and supports sustainable urban growth in Manchester.
Eastern Union Facilitates Major Refinancing for Mixed-Use Development Near Education Hubs
Eastern Union, a leading commercial real estate mortgage brokerage, successfully arranges an $18.5 million refinancing loan for a significant mixed-use development in Manchester, New Hampshire. This eight-story project, located at 31 Central Street, spans 98,000 square feet and includes 77 residential units. Its proximity to the University of New Hampshire and the Southern New Hampshire University Arena positions the development as a prime location for student housing and local residents alike. The deal is particularly noteworthy given the growing demand for housing in university towns, addressing both educational and community needs.
The refinancing deal is facilitated by loan consultant Yossi Rubin and loan originator Chaskel Horowitz, who secure the financing through the Poverni Sheikh Group. With a ten percent interest rate and a twelve-month interest-only period, the terms reflect a strategic approach to funding that supports the project's financial viability during its initial phases. The borrowers, Velocity Capital Partners of Boston and Avatar Construction Inc. from Watertown, MA, aim to complete construction by the end of this year, further enhancing Manchester's housing options in an area that is already thriving with educational institutions and local amenities.
Rubin highlights the importance of connecting the right development team with appropriate financing, noting that successful projects often hinge on securing reliable funding sources. His acknowledgment of Robert Schiavo, president of Schiavo Enterprise, for facilitating the introduction to Eastern Union reinforces the collaborative nature of real estate development. As Eastern Union continues to demonstrate its capabilities in navigating the complexities of commercial real estate financing, this refinancing deal not only underscores its expertise but also showcases its commitment to fostering growth in important community projects across the country.
In addition to this refinancing achievement, Eastern Union’s ongoing efforts illustrate the vital role of commercial real estate firms in supporting urban development and addressing housing shortages. By successfully aligning financial resources with community needs, the company contributes to sustainable growth in regions requiring modern residential solutions.
The strategic financing secured for the Manchester development reflects broader trends in the commercial real estate market, where collaboration and innovative financing solutions are essential for successful project outcomes. Eastern Union’s role in this transaction exemplifies its dedication to enhancing urban landscapes through effective financial partnerships.
