News Summary
Eastern Union has arranged an $18.5 million loan for the construction of a mixed-use property in Manchester, NH. This development includes 77 residential units over eight stories at 31 Central Street and is set to be completed by the end of 2025. The loan features a 10% interest rate and a 12-month interest-only period to support the financing during construction. The project involves collaboration with Velocity Capital Partners and Avatar Construction Inc., aiming to meet housing demands in the growing Manchester area.
Eastern Union Secures $18.5 Million Loan for New Development in Manchester
Eastern Union, a leading commercial real estate mortgage brokerage in the United States, has arranged an 18.5 million dollar loan aimed at refinancing the construction of a significant multifamily, mixed-use development situated at 31 Central Street in Manchester, New Hampshire. This project, currently under construction, is set to feature 77 residential units over eight stories, encompassing a total of 98,000 square feet.
Project Details
The mixed-use development’s location is notably strategic, in close proximity to the University of New Hampshire and the Southern New Hampshire University Arena. These nearby institutions are expected to enhance the attractiveness of the project for potential residents and businesses alike. The construction is projected to reach completion by the end of 2025, giving the community a modern living experience in a thriving area.
Loan Specifics
The refinancing agreement comes with an interest rate of 10% and includes an initial interest-only period of 12 months. The lender behind this funding initiative is the Poverni Sheikh Group, which is known for backing valuable real estate ventures.
Borrowers Involved
This project includes two borrowers: Velocity Capital Partners, based in Boston, and Avatar Construction Inc. from Watertown, Massachusetts. Velocity Capital Partners is represented by its director of debt and acquisitions, while Avatar Construction is represented by its president. Both entities play a crucial role in bringing this multifaceted development to fruition.
Connection and Expertise
Eastern Union has shown its expertise in financial structuring by facilitating this connection between the development team and the right lender, a critical step in ensuring a project’s successful completion. It is essential for development teams to secure appropriate financing to see their visions come to life.
Support from Industry Veterans
The ownership team was introduced to Eastern Union through Robert Schiavo, president of Schiavo Enterprises in Dedham, Massachusetts. This partnership illustrates the collaborative nature of the real estate industry, where connections often pave the way for future developments.
The Role of Eastern Union
Founded in 2001, Eastern Union has grown to employ over 90 real estate professionals, successfully closing billions in transactions each year. The firm’s strength lies in its extensive relationships with lenders and its deep understanding of the marketplace, which enables them to secure favorable rates and terms for various projects.
Conclusion
The successful arrangement of this 18.5 million dollar loan for the Manchester development is a testament to Eastern Union’s ability to navigate the complexities of financing in the real estate industry. As the construction progresses, the development is set to enhance the local community, providing new residential options while fostering an environment conducive to business growth. With an anticipated completion date at the end of 2025, all eyes will be on Manchester as this noteworthy project comes to fruition.
Deeper Dive: News & Info About This Topic
Additional Resources
- Bisnow: Manchester Real Estate Outlook 2025
- Wikipedia: Manchester, New Hampshire
- Richmond BizSense: Manchester Condo Project Sale
- Google Search: Manchester real estate 2025
- NH Business Review: Proposed 30-Unit Development
- Google Scholar: Manchester real estate development
- CT Insider: Manchester Condo Housing Development
- Encyclopedia Britannica: Real Estate Development
- Hartford Courant: Developer Eyes Central CT Property
- Google News: Manchester real estate news
Author: Construction NY News
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
