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Eastern Union Secures $38.5M Refinance Loan From Bellco Credit Union For Warren Manor Apartments

Property Image
FINANCED
$38,500,000
Alex Jaffa
SE

Michigan

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MultiFamily388,675 SF
Financed 07/07/2025
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Property Image
FINANCED

Eastern Union Secures $38.5M Refinance Loan From Bellco Credit Union For Warren Manor Apartments

21516 Dequindre Road

See Similar Deals
MultiFamily388,675 SF
Financed 07/07/2025
Alex Jaffa
SE
the dealplayerscompscontact
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Summary

MICHIGAN
Asset Type:MultiFamily
Price Per Square Foot:$99
Total Square Footage:388,675 SF
Transaction Type:Loan

The asset involved in the transaction is Warren Manor Apartments, a multifamily complex located at 21516 Dequindre Road in Warren, MI. The property spans 388,675 square feet and comprises 479 units situated on 30.72 acres.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $38,500,000
  • Loan Type: Refinance
  • Loan Terms: five-year fixed term with one year of interest-only payments
  • Lender: Bellco Credit Union
  • Brokers: Alex Jaffa & Sinai Eizikovitz - Eastern Union
  • Initial Funding: $35,700,000
  • Future Earn-outs: $2,800,000

The deal involved the efforts of brokers Alex Jaffa and Sinai Eizikovitz, who represented Eastern Union in securing the refinance loan with Bellco Credit Union. Their collaboration facilitated the arrangement of significant funding dedicated to the property.

Players

Alex Jaffa
Eastern Union
Alex Jaffa
10 deals$216M volume
BROKER
SE
Eastern Union
Sinai Eizikovitz
1 deal$38.5M volume
BROKER
Eastern Union
Eastern Union
BROKERAGE
Bellco Credit Union
Bellco Credit Union
LENDER

Details

FINANCED
IMAGE: 07/07/2025 ADDRESS: 21516 Dequindre Road MARKET: Warren, MI ASSET TYPE: MultiFamily ~ SF: 388,675 ~ UNITS: 479 ~ ACRES: 30.72 LENDER: Bellco Credit Union BROKERS: Alex Jaffa & Sinai Eizikovitz - Eastern Union LOAN AMOUNT: $38,500,000 LOAN TYPE: Refinance LOAN TERMS: five-year fixed term with one year of interest-only payments NOTE: Eastern Union secured a $38.5M loan from Bellco Credit Union to refinance Warren Manor Apartments, a 479-unit multifamily complex at 21516 Dequindre Road in Warren, MI. The deal, led by Alex Jaffa and Sinai Eizikovitz, includes $35.7M in initial funding with $2.8M in future earn-outs, and features a five-year fixed term with one year interest-only.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$38,500,000.00

Monthly NOI$256,666.67
Monthly Debt Service$243,346.19
Change in Cash Flow$0.00
Refinance Proceeds$0.00