Manchester United Plc: Eastern Union Facilitates $18.5M Refinancing for Key Development Project
- Eastern Union arranged an $18.5 million loan for a mixed-use project in Manchester, enhancing local housing options.
- The project will provide 77 residential units near the University of New Hampshire, boosting the local economy.
- Successful financial arrangements are crucial for Manchester's real estate growth and urban development sustainability.
Manchester's Development Boom: Eastern Union Facilitates Key Refinancing
In a significant development for the Manchester, New Hampshire real estate landscape, Eastern Union has successfully arranged an $18.5 million loan to refinance a mixed-use project located at 31 Central Street. This eight-story building will provide 77 residential units, strategically placed near the University of New Hampshire and the Southern New Hampshire University Arena. The project not only addresses the growing demand for housing in the area but also enhances the local economy by providing residential options within a vibrant community context.
The loan, secured through the Poverni Sheikh Group, features an interest-only period of twelve months and a ten percent interest rate. Loan consultant Yossi Rubin and loan originator Chaskel Horowitz played pivotal roles in facilitating this financing deal, which involves two key borrowers: Velocity Capital Partners from Boston and Avatar Construction Inc. of Watertown, Massachusetts. Rubin highlights the significance of aligning the right lender with the development team, underscoring how appropriate financing is crucial for the successful execution of real estate projects. The completion of this project is anticipated by the end of the year, signaling a positive outlook for Manchester’s real estate market.
Eastern Union, founded in 2001, has positioned itself as a leading national commercial real estate firm, known for its ability to navigate complex financial landscapes. This refinancing deal not only exemplifies the company’s expertise but also reinforces its commitment to supporting development initiatives across the country. As urban centers like Manchester continue to grow, such partnerships and financial arrangements become essential in fostering sustainable urban development that meets community needs.
In addition to this refinancing effort, Eastern Union's success reflects broader trends in the commercial real estate sector, where strategic financial arrangements are increasingly vital for project viability. With the completion of the Central Street development, Manchester may witness a rejuvenation of its urban core, contributing to a more dynamic and livable environment for residents and students alike.
As the real estate market in Manchester thrives, the collaboration between financial institutions and developers becomes critical in shaping the future of urban landscapes, driving growth, and enhancing the quality of life in the community.
