Eastern Union secures $74.2m construction loan for 256-unit, multifamily project in Teaneck, N.J.

Eastern Union announced it has closed on a $74.2 million transaction toward the refinancing of a construction loan for a 256-unit multifamily property in Teaneck in Bergen County in northern New Jersey.

The six-floor, 250,000-square-foot development is now under construction at 329 Alfred Ave. near Route 4.

With a 36-month term, the transaction 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.

The names of the owner and the lender were not disclosed.