Manchester United Plc: Eastern Union Finances $18.5M Mixed-Use Development in Manchester, NH
- Eastern Union secured an $18.5 million loan for a mixed-use development in Manchester, NH, featuring 77 residential units.
- The refinancing agreement highlights effective financial structuring in real estate ventures, showcasing Eastern Union's expertise in the market.
- The project enhances local housing options and aligns with trends in sustainable growth and urban revitalization in Manchester.
Financing Development: Eastern Union Supports Mixed-Use Project in Manchester, NH
Eastern Union, a leading commercial real estate mortgage brokerage in the United States, has recently secured an $18.5 million loan for a mixed-use development at 31 Central Street in Manchester, New Hampshire. This project, which encompasses an eight-story building with 98,000 square feet of space, will feature 77 residential units. Its strategic location near the University of New Hampshire and the Southern New Hampshire University Arena positions it favorably to attract tenants from both the student population and the surrounding community. Loan consultants Yossi Rubin and Chaskel Horowitz played crucial roles in facilitating this deal, which is expected to be completed by the end of this year.
The refinancing agreement, featuring a ten percent interest rate and a twelve-month interest-only period, is orchestrated through the Poverni Sheikh Group. This collaboration emphasizes the importance of effective financial structuring in real estate ventures. The two key borrowers involved, Velocity Capital Partners and Avatar Construction Inc., demonstrate a partnership between established companies to drive growth within the local market. Drew Breton and Nazar Vincent represent these firms, respectively, reflecting the confidence in the project’s potential and the financial backing required to bring it to fruition.
Rubin highlights the significance of aligning the development team with the right lender to ensure the project's success. The ability to navigate complex financial landscapes is vital in the commercial real estate sector, where securing appropriate financing can often determine the outcome of development initiatives. Eastern Union's successful refinancing arrangement not only underscores its expertise in the market but also showcases its commitment to fostering growth through strategic financial solutions. The involvement of Robert Schiavo, president of Schiavo Enterprise, in connecting the ownership team with Eastern Union further exemplifies the collaborative nature of the industry.
In addition to this successful loan arrangement, Eastern Union continues to demonstrate its capacity to support various real estate projects across the nation. With a solid foundation since its inception in 2001, the company has built a reputation for navigating the financial complexities of real estate development, making it a valuable partner for investors and developers alike. As the Manchester project unfolds, it serves as a testament to the critical role that financing plays in shaping urban landscapes and driving local economies.
The completion of the mixed-use development in Manchester not only enhances the housing options in the area, but it also aligns with the ongoing trend of creating integrated living spaces that cater to diverse community needs. As cities increasingly focus on sustainable growth and urban revitalization, Eastern Union's successful refinancing initiative reflects a broader commitment to advancing such initiatives within the commercial real estate sector.