Republic Bank Provides $15.9 Million Loan For River Rock Apartments Condo Conversion In Mishawaka

A loan was arranged for the condo conversion of River Rock Apartments, a mixed-use property located at 116 West Mishawaka Avenue in Mishawaka, Indiana. The property encompasses 79,775 square feet and consists of 82 units on a 1.61-acre site.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $15,900,000
• Lender: Republic Bank
• Loan Terms: three-year, interest-only
• Loan Rate: 8%
• Loan-to-Value Ratio: 75%
• Brokers: Joe Siegfried & Abe Bergman - Eastern Union

Eastern Union played a key role in facilitating the $15.9 million loan, assisting the borrower in the conversion project and supporting the transition of the property to condo units for sale.