Eastern Union arranges financing for acquisition of a $6.7 million project in Falls Church
Eastern Union Funding, a brokerage based in Brooklyn, N.Y., arranged financing for the $6.75 million acquisition of a newly constructed two-story office and retail center in Falls Church.
The property at 7121 Leesburg Pike consists of five ground-level retail condos and nine second-story office condos.
Eastern Union Funding’s Marc Tropp, a senior managing director based in the firm’s Bethesda, Md. ,office, negotiated a $4.25 million, seven-year deal fixed at 4.3% with six months interest. Tropp brokered the loan with Burke & Herbert Bank on behalf of 7121 Metrowest LLC.
“We were able to broker an excellent deal by partnering with a regional lender and working in a timely fashion. That we could lock in such a competitive rate – literally within hours of the federal rate hike – made the final product that much more exciting for all parties involved,” Tropp said in a statement.