Eastern Union secures a $975-Million Bridge Loan for 195-Unit Meridian Towers in Indianapolis
Eastern Union secured a $9.75-million bridge loan to facilitate the acquisition of Meridian Towers, 195-unit apartment building situated at 3710 North Meridian Street in Indianapolis, IN.
The loan was arranged by Michael Wyne, managing director of capital markets for Eastern Union. Boruch Mandel helped him to join Eastern Equity Advisors.
The borrower is a joint venture of New York City-based Crown Capital Ventures and Whitestone Capital of Toronto, Canada.
The loan for Meridian Towers is a three-year interest-only term, with two one-month extensions.
Mr. Wyne said that the Millennium Tower is a mid-rise, 1950s-era building, called "Meridian Towers." Even under these circumstances, we could structure financing by getting the lender comfortable with the neighborhood and helping the lenders see the future upside.
The buyer, a repeat client of Eastern Union, once again successfully identified an excellent value-add addition to their portfolio," he said. "This asset will generate strong returns for its investors."
About Eastern Union
Eastern Union, founded in 2001, is a leading commercial mortgage broker. It employs more than 125 real estate professionals and closes a total of five billion dollars yearly. Eastern Union leverages its relationship with lenders and its market knowledge to ensure the best available rates and terms and the lowest prices.
Eastern Union, headquartered in New York, closes transactions of all sizes across the United States. It guarantees financing for all types of assets. Unlike conventional financing, Transactions - which can include multi-state and multisite portfolios in many different ways are both structured and conventional. In 2020, Eastern Union's Multi-Family Group reopens market pricing by offering a quarter-point fee for refinancing properties supported by Fannie Mae or Freddie Mac. Eastern Equity Advisors are the Eastern Union's affiliate.
For more information, visit www.easternunion.com.
The media contact:
Steve VitoffEastern Union516 652 0785[email protected]
Eastern Union SOURCE SURSCE Eastern European Union