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

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.