Eastern Union Funding brokered a $9.85 million acquisition loan from Investors Bank for Shamah Properties’ first Manhattan buy: a multifamily building in Harlem, Mortgage Observer has first learned.
Shamah nabbed the 48-unit market-rate building at 672-674 Saint Nicholas Avenue for $13.5 million, according to a representative for Eastern Union.
The rep said the seven-year loan has a fixed rate of 3.5 percent with a five-year renewal option. Eastern Union’s David Metzger and Nate Hyman arranged the loan.
For Shamah, an owner and manager with properties in Brooklyn and New Jersey, the deal is the first in New York County.
“We are very excited about our company’s first foray into Manhattan market,” Alan Shamah, CEO and partner of Shamah Properties said via email.
Investors Bank declined to comment on the deal.
Update: this story was edited to include a comment from Alan Shamah.