WILLINGBORO, NJ–Eastern Union Funding arrangeda $46.6 million loan for The Avery, a rapidlyexpanding townhome community here being developed by RobertWeiss of Weiss properties.

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The project, planned for a total of 450 units, is located at 10Lincoln Square.

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Shaya Ackerman of Eastern Union brokered arevolving $40 million construction loan with an additional $6.6million earn-out loan. Since construction will occur over fourphases, Ackerman negotiated a structure allowing each completedphase to automatically convert to a full permanent loan.

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Provided by Investors Bank, the loan featuresan interest rate of 4.5%, with the permanent loan portion set at3.5% with a seven-year term and 30-year amortization schedule.

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Ackerman previously arranged two separate permanent loans forthe first phases of the project, one in November 2013 and anotherthe previous summer. Those deals provided $11.5 million and $11.1million respectively, each covering the construction of 72 units.All 144 units are now fully occupied.

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"From the financing end, it was a double play between Shaya'sstructuring abilities and Eastern Union's great relationship withInvestors Bank,” said Eastern Union's President IraZlotowitz. He said the bank was "very much on board" withThe Avery, where the high-end units feature wood plank-styleflooring, granite countertops and balconies and patios.

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WIllingboro is situated between Moorestown and BurlingtonTownship, close to Philadelphia. The area had been mainly farmland,but has seen considerable development in the last 20 years,recently speeded up further by recovery efforts following theRecession.

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