Bethesda-based Eastern Union group closes $75M in financing

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The Bethesda-based Mid-Atlantic Group of commercial real estate brokerage firm Eastern Union announced Monday it secured more than $75 million in commercial financing within a 40-day period over May and June.

Financing was delivered within the multifamily, single-family rental, retail and industrial asset classes. The group delivered $4.43 million in bridge debt for a free-standing, 60,000-square-foot warehouse in Camp Hill, Pennsylvania. The loan amounted to 80% of the purchase price.

Eastern Union’s Mid-Atlantic Group is led by senior managing director Marc Tropp and senior managing director David Merkin.

The largest transaction closed by the mid-Atlantic office during this time span was a $49.5-million construction loan provided to New York-based Hillcrest Acquisitions in support of a planned 288-unit multifamily property in Madison, Alabama, a submarket of Huntsville. The complex, called The Gabriel, will consist of 10 three-story buildings and is scheduled for completion in July 2024. The financing, carrying a 36-month term, was provided by 3650 REIT.

The Eastern Union team also secured $19 million in residential refinancing for an East Coast real estate asset and completed the capital stack on a financial package for a multifamily property in Virginia Beach, Virginia.

Also during this period, the Bethesda office closed mortgage deals for retail properties in Cambridge; Euclid, Ohio; and Lancaster, Pennsylvania.

Founded in 2001, Eastern Union employs more than 90 real estate professionals and closes billions of dollars’ worth of transactions annually.