Eastern Union Secures $15.9 Million for River Rock Condo Project
Eastern Union Secures Major Financing for River Rock Apartments
In a significant move for the commercial real estate sector, Eastern Union has arranged a remarkable $15.9 million in financing aimed at converting River Rock Apartments into condos. This property, a modern five-floor, mixed-use development, boasts 82 residential units and is an important asset in the area.
Property Details and Features
Constructed in 2015 and 2016, River Rock Apartments offers 79,775 square feet of living space alongside eight commercial units that cover an additional 4,385 square feet. One notable feature of this property is its expansive 31,027-square-foot parking garage, all situated on a 1.61-acre parcel. This upscale mixed-use environment is set to enhance the neighborhood significantly as it transitions to a more residential-focused model.
Financing Arrangements and Benefits
The financing was skillfully orchestrated by Joe Siegfried, a dedicated member of the Eastern Union "President's Team" led by the firm’s co-founder, Abe Bergman. The funding structure is designed to support the borrower’s business strategy by providing optimal full-leverage, interest-only financing. As Mr. Siegfried noted, “The loan structure offers the client ample time to sell off the condo units, which is a crucial part of their business plan.”
Client-Centric Approach
Abe Bergman emphasized Eastern Union’s commitment to prioritizing their clients' needs throughout the financing process. The successful arrangement of this loan reflects Eastern Union's goal of providing tailored financing solutions that suit various asset categories, reinforcing their reputation within the industry.
Loan Specifics and Lender Information
The loan provided by Republic Bank is structured as a three-year, interest-only installment with an 8% interest rate. It also includes an appealing 75% loan-to-value ratio, ensuring that the borrower can manage their financial commitments without any prepayment penalties. This type of financing structure offers flexibility and security in managing investment risks.
Recent Transactions by Eastern Union
Joe Siegfried has a proven track record, with recent transactions including a $10 million refinancing for an owner-occupied building and a $4.25 million acquisition of office space. His diverse portfolio demonstrates Eastern Union's ability to handle complex financial deals across different real estate categories, including multifamily and mixed-use properties.
Overview of Eastern Union
Since its establishment in 2001, Eastern Union has grown into a powerhouse in the national commercial real estate landscape. Boasting a team of over 90 professionals, the firm handles billions of dollars in transactions each year by leveraging strong lender relationships and extensive market knowledge. Their expertise spans various transaction types, making them a versatile partner in the real estate financing sector.
Diverse Financing Solutions
Eastern Union's offerings are extensive, covering a wide range of property types across the United States. Their services include financing for conventional commercial mortgages, structured debt, healthcare properties, hospitality, and multifamily residences. Additionally, through a partnership with Eastern Equity Advisors, they also provide equity placement opportunities.
Conclusion
This financing arrangement is not merely a financial transaction; it's a strategic step toward enhancing community living through the conversion of River Rock Apartments into valuable condo units. As the development progresses, it will undoubtedly contribute positively to urban revitalization efforts, appealing to potential residents and investors alike.
Frequently Asked Questions
What is the purpose of the financing arranged by Eastern Union?
The financing will be used for the condo conversion of River Rock Apartments, enhancing property value.
Who arranged the financing for this project?
Joe Siegfried, part of Eastern Union's President's Team, arranged the financing.
What are some features of River Rock Apartments?
River Rock Apartments features 82 residential units, commercial space, and a large parking garage.
What are the terms of the loan provided by Republic Bank?
The loan is a three-year, interest-only arrangement with an 8% interest rate and a 75% loan-to-value ratio.
How does Eastern Union support its clients?
Eastern Union focuses on understanding client needs and securing optimal financing solutions tailored to their operational goals.
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