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Eastern Union Arranges Financing for Bridgeport Multifamily Acquisition
Commercial real estate mortgage brokerage Eastern Union has arranged $28,086,000 in financing toward the acquisition of a 437-unit multifamily portfolio encompassing 13 individual properties in Bridgeport, within Fairfield County in Connecticut. The financing was provided by Key Bank. The buyer was not named.
The mortgage was secured by senior managing director Motti Blau, senior loan consultant Mendy Pfeifer, and senior loan consultant Hershy Fried. Dov Bakon served as underwriter for the transaction.
The loan carried an interest rate of 5.25% over a 10-year term. Financing included five years of interest-only payments and an amortization period of 30 years.
The overall financing package consisted of three loans amounting to $11,809,000, $9,348,000 and $6,929,000. The full sale price was $39,637,500.
“Despite the large scope of this portfolio, our Eastern Union team worked quickly and efficiently to close this substantial transaction,” said Eastern Union president and co-founder Abraham Bergman.
- ◦Sale/Acquisition
- ◦Financing
