Commercial real estate brokerage firm Eastern Union has arranged an $18.5 million loan to refinance a multifamily and mixed-use development currently under construction in Manchester, New Hampshire.
The loan supports a planned eight-story, 98,000-square-foot building located at 31 Central Street. The property, which includes 77 residential units, is situated near the University of New Hampshire and the Southern New Hampshire University Arena. Construction is expected to be completed by the end of the year.
The refinancing was facilitated by Eastern Union’s Yossi Rubin and Chaskel Horowitz. The loan spans 12 months with an interest-only term and carries an interest rate of 10%.
The funding was provided by Poverni Sheikh Group. Two firms acted as borrowers: Boston-based Velocity Capital Partners, represented by Drew Breton, and Avatar Construction Inc. of Watertown, Massachusetts, represented by its president, Nazar Vincent.
Eastern Union was introduced to the ownership group by Robert Schiavo, president of Schiavo Enterprise, based in Dedham, MA.
Established in 2001, Eastern Union is a national commercial real estate finance firm. It employs over 90 professionals and arranges transactions across a variety of asset classes including multifamily, office, healthcare, and self-storage. The firm also supports equity placement through its affiliate, Eastern Equity Advisors.
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