Construction underway for the mixed-use development secured by Eastern Union.
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, 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.
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.
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.
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.
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.
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.
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.
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.
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