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 well-known commercial real estate mortgage brokerage in the United States, has successfully arranged an $18.5 million loan to refinance the construction of a multifamily mixed-use development located at 31 Central Street in Manchester, New Hampshire. This significant funding will aid in the ongoing construction of a 77-unit building that is set to rise eight stories tall, covering a sprawling 98,000 square feet.
The project is strategically positioned near the University of New Hampshire and the Southern New Hampshire University Arena, granting it a prominent location that is expected to enhance its appeal to potential residents and businesses. Construction is currently underway, with an anticipated completion date set for the end of 2025.
The newly secured loan is set with an interest rate of 10% and includes an initial interest-only period of 12 months. The lender for this financing is the Poverni Sheikh Group, known for its investment in various real estate developments.
This loan involves two main borrowers: Velocity Capital Partners, based in Boston, and Avatar Construction Inc., located in Watertown, Massachusetts. Velocity Capital Partners is represented in this deal by Drew Breton, the director of debt and acquisitions, while Avatar Construction’s representation is led by president Nazar Vincent. The collaboration among these entities highlights a comprehensive approach to funding the development, reflecting a commitment to its successful realization.
Eastern Union has played a pivotal role in connecting the development team with the appropriate lender. The firm, which has built a solid reputation since its founding in 2001, employs over 90 real estate professionals who collectively complete billions in transactions each year. Their expertise in the market allows them to leverage established lender relationships to secure the most advantageous rates and terms for various projects.
Robert Schiavo, president of Schiavo Enterprise from Dedham, Massachusetts, was instrumental in introducing the ownership team to Eastern Union. This relationship has proven beneficial in navigating the complexities of securing financing in today’s competitive real estate landscape.
The development of this mixed-use project is anticipated to have a significant impact on the Manchester community. With its proximity to major educational institutions and recreational arenas, this building is likely to attract both residents and businesses alike, fostering economic growth and providing additional amenities to the area.
The construction of the 77-unit building will not only contribute to the housing supply in Manchester but will also create job opportunities during and after the construction phase. The blend of residential and commercial spaces is expected to enhance the vibrancy of the local community, potentially drawing more visitors and improving the quality of life for residents.
As Eastern Union continues to navigate the complexities of commercial real estate financing, this loan represents a significant milestone in the development process of the Manchester mixed-use project. With strong local support and a dedicated team behind it, the project promises to be a valuable addition to the Manchester landscape, offering new living options and enhancing community life.
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