American commercial real estate mortgage brokerage company Eastern Union has closed a construction loan for a residential development project in Teaneck, New Jersey, US.

The loan transaction carries a value of approximately $74.2m. Eastern Union senior associate Gabriel Sasson facilitated this loan.

The transaction had a loan-to-cost ratio of 75% within a 36-month period. The interest rate was fixed at 7.8% for the full period, with interest-only payments.

This refinancing will be used to fund the construction of a new 256-unit multifamily complex in Teaneck, Bergen County.

The six-storey, 250,000ft² complex is currently under construction at 329 Alfred Avenue, close to the Route 4 motorway.

Eastern Union president and co-founder Abe Bergman said: “This closing represents another example of Eastern Union’s deep-rooted familiarity with thousands of lending institutions throughout the country.

“Bergen County has the largest gross domestic product of any of the 21 counties in New Jersey, and we’re proud to contribute to its vibrant economy.”

The full details of the owner and lender were not revealed.

Eastern Union was founded in 2001 and offers both finance and capital market advice.

The national mortgage brokerage employs more than 90 real estate experts and closes billions of dollars in deals each year.

In September this year, the company arranged a $19.63m construction loan to convert a former healthcare complex into a multifamily property in Bridgeport, Connecticut, US.