Eastern Union Secures $74.2 Million Construction Loan for 256-Unit Project in Teaneck, New Jersey

by Channing Hamilton

TEANECK, N.J. — Eastern Union has secured $74.2 million to refinance a construction loan for a 256-unit project currently under development in the northern New Jersey city of Teaneck. The transaction features a 36-month term and carried a 75-percent loan-to-cost ratio. The interest rate was set at 7.8 percent, with interest-only payments for the full term. Gabriel Sasson, a senior associate with Eastern Union, brokered the loan. Located at 329 Alfred Ave. near Route 4, the property rises six stories and comprises 250,000 square feet. The property owner and the lender were not disclosed. 

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