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**Eastern Union Secures $18.5M Refinance for Manchester Mixed-Use Development**
Eastern Union, one of the largest commercial real estate mortgage brokerages in the United States, has arranged an $18.5 million loan to refinance construction of a 77-unit, mixed-use, multifamily development in Manchester, New Hampshire.
The 12-month interest-only mortgage was secured by Eastern Union’s loan consultant Yossi Rubin and loan originator Chaskel Horowitz. The refinancing, on behalf of Velocity Capital Partners and Avatar Construction Inc., carries a 10% interest rate. The lender on the transaction is Poverni Sheikh Group.
“We are grateful that we were able to connect the development team to the right lender to support their construction project,” said Rubin. “Choosing the right financing is crucial for successful project completion.”
Currently under construction, the eight-story, 98,000-square-foot building is located at 31 Central Street, near the University of New Hampshire and the Southern New Hampshire University Arena. Completion of the project is expected by the end of the year.
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