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Eastern Union Closes $20M Loan for Bridgeport MF Property
Eastern Union has secured a $19.6 million construction loan for the conversion of a former healthcare complex into a multifamily property at 600 Bond Street in Bridgeport, CT. The names of the borrower and lender were not disclosed.
The 131,075-square-foot facility, built in 1971, will undergo extensive renovations to become a 150-unit, two-story apartment building and a 7,069-square-foot fitness center. The loan covers a 24-month period on an interest-only basis, with principal due at the end of the term.
“The borrower is an experienced owner who has the capabilities to successfully execute a transition from a healthcare facility into a residential property,” said Eastern Union president and co-founder Abraham Bergman.
- ◦Financing
