News Summary
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 Secures $18.5 Million Loan for Mixed-Use Development in Manchester, NH
In a significant development for the Manchester, New Hampshire area, Eastern Union has successfully arranged an 18.5 million dollar loan aimed at refinancing the construction of a multifaceted mixed-use property. The loan will facilitate the redevelopment of a site located at 31 Central Street, which will feature a total of 77 residential units across eight stories and cover a vast area of 98,000 square feet.
The construction of the new building is currently underway and is strategically located close to both the University of New Hampshire and the Southern New Hampshire University Arena. The multifamily project is expected to be completed by the end of 2025, offering vital residential options in a desirable location.
The refinancing deal comes with an interest rate of 10% and includes a favorable interest-only period of 12 months. This financing structure is intended to ease the financial burden of the construction phase, allowing the project team to focus on building. The lender providing the financing is the Poverni Sheikh Group, known for its strong backing in real estate ventures.
The loan has two borrowing entities actively involved in the project. The first is Velocity Capital Partners based in Boston, represented by Drew Breton, who serves as the director of debt and acquisitions. The second is Avatar Construction Inc., located in Watertown, Massachusetts, represented by its president, Nazar Vincent. Both companies play pivotal roles in the realization of the mixed-use development, and their collaboration with Eastern Union is a critical component of securing the necessary financing.
Eastern Union has established itself as a leader in the commercial real estate mortgage brokerage sector since its inception in 2001. The firm employs a team of more than 90 real estate professionals and has closed billions in transactions annually. The organization prides itself on leveraging its extensive relationships with lenders and comprehensive marketplace knowledge to negotiate optimal rates and terms for various projects.
A representative from Eastern Union emphasized the importance of aligning the development team with suitable lenders for the success of construction endeavors. This approach highlights the firm’s commitment to ensuring that projects are not only financially viable but also positioned for long-term success in the competitive real estate landscape.
Robert Schiavo, the president of Schiavo Enterprise from Dedham, Massachusetts, played a crucial role in introducing the ownership team of this mixed-use development to Eastern Union. Such partnerships are key in navigating the complexities of real estate financing, particularly in large-scale projects like this one.
As Manchester continues to grow and evolve, projects like this mixed-use development play a critical role in meeting the housing demand, enhancing community engagement, and contributing to the local economy. The infusion of new residential space serves to attract tenants while providing essential services that bolster the area’s infrastructure.
With construction well underway and financing secured, the expectations for the successful completion of the project remain high. The outcome of this development is anticipated to bring valuable housing and commercial opportunities to the heart of Manchester, making it a noteworthy addition to the landscape.
Deeper Dive: News & Info About This Topic
Additional Resources
- Bisnow: Manchester Real Estate Outlook 2025
- Wikipedia: Manchester, New Hampshire
- Richmond BizSense: Manchester Condo Project Sale
- Google Search: Manchester real estate 2025
- NH Business Review: Proposed 30-Unit Development
- Google Scholar: Manchester real estate development
- CT Insider: Manchester Condo Housing Development
- Encyclopedia Britannica: Real Estate Development
- Hartford Courant: Developer Eyes Central CT Property
- Google News: Manchester real estate news
