Eastern Union Secures $15.9 Million for Condo Conversion Project
Eastern Union's Successful Financing for condo Conversion
Eastern Union, a top commercial real estate mortgage brokerage known across the nation, recently achieved a significant milestone by securing $15.9 million in financing. This funding is set to facilitate the condo conversion of a distinguished property, River Rock Apartments, which comprises five floors housing 82 residential units alongside a selection of commercial spaces.
About River Rock Apartments
Located prominently at 116 West Mishawaka Avenue, River Rock Apartments stands out with its substantial size and amenities. Constructed between 2015 and 2016, the property boasts a total area of 79,775 square feet dedicated to residential units and an additional 4,385 square feet reserved for eight commercial units. After the completion of the conversion process, the commercial spaces will continue to serve the community while providing significant value to the property.
A Hub of Activity
Occupying a generous 1.61-acre lot, River Rock Apartments also features a large parking facility, measuring 31,027 square feet, establishing it as a hub of activity for residents and visitors alike. The thoughtful design of this mixed-use property combines living spaces with commercial opportunities, making it an attractive location for various businesses and families.
The Financing Process
The financing arrangement was spearheaded by Joe Siegfried, a dedicated loan originator who is part of Eastern Union’s elite "President's Team" under the guidance of Abe Bergman, the company’s president and co-founder. Siegfried expressed pride in facilitating this transaction, supporting the borrower’s strategy of securing optimal financing under favorable conditions. He noted, "This transaction supported the borrower's business plan by securing the best possible full-leverage, interest-only financing which gives the client sufficient time to sell off the condo units."
A Customer-Centric Approach
Facilitating such financing aligns with one of Eastern Union's core philosophies centered around prioritizing the needs and objectives of their clients. Bergman highlighted Siegfried's expertise in navigating a variety of asset categories, ensuring tailored financial solutions for different circumstances.
Loan Details
The lender responsible for this significant financing is Republic Bank. They extended a three-year, interest-only loan with an attractive 8% interest rate and a substantial loan-to-value ratio of 75 percent, with the added benefit of no prepayment penalties. While the details of the borrower remain confidential, the structure of the loan exemplifies a commitment to accommodating the specific needs of real estate ventures.
Joe Siegfried’s Track Record
Joe Siegfried’s portfolio of recent transactions showcases his versatility and capability in handling complex financing situations. His successful closings include a $10 million refinancing deal in Pennsauken, NJ, and a $4.25 million office acquisition in West Palm Beach, FL. His expertise extends to multifamily and mixed-use deals across New York, dealing with unique challenges such as underperforming assets and special-use projects.
Features of River Rock Apartments
River Rock Apartments stands out due to its modern construction, featuring steel framing and durable materials such as concrete, metal, and fiberboard. The structure includes essential features such as interior entrances, common areas for residents, and access to an elevator, enhancing convenience and livability.
About Eastern Union
Founded in 2001, Eastern Union has established itself as a reputable national commercial real estate firm. The company employs over 90 dedicated real estate professionals who collectively handle billions in transactions each year. Eastern Union leverages strong relationships with various lenders and in-depth market knowledge to secure competitive rates and terms for clients.
Eastern Union caters to diverse financing needs across the United States, handling a wide range of transactions encompassing everything from conventional commercial mortgages to structured debt. Their expertise includes multifamily, retail, healthcare, and hospitality sectors, in addition to working closely with the affiliated Eastern Equity Advisors for equity placements.
Frequently Asked Questions
What is the significance of the financing secured by Eastern Union?
The financing supports the condo conversion of River Rock Apartments, enhancing its value and improving community resources.
Who arranged the financing for the project?
The financing was arranged by Joe Siegfried, a member of Eastern Union’s President's Team.
What does River Rock Apartments feature?
River Rock Apartments includes 82 residential units and commercial spaces with amenities such as parking and modern construction.
What philosophies drive Eastern Union’s approach?
Eastern Union focuses on prioritizing client needs, ensuring tailored financing solutions consistent with their business goals.
How does Eastern Union maintain competitiveness in the market?
Eastern Union maintains its competitive edge through established relationships with lenders and thorough market knowledge, ensuring optimal rates for clients.
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