
Eastern Union Secures $14.75M Refi for Two Mobile Multifamily Properties
Eastern Union has arranged $14.75 million in refinancing for two multifamily properties in Mobile, AL.
The first property is the 214-unit Linx Plaza Apartments at 6964 Airport Boulevard. The 16-building, two-story site was constructed in 1976 and carries 108,858 square feet in net rentable area.
The second asset is the 120-unit Plantation Apartments at 5725 Old Pascagoula Road. This venue consists of 10 two-story structures. It was built in 1977 and comprises 79,040 square feet in net rentable area.
The transactions were executed by senior loan consultant Alex Jaffa and senior managing director Michael Muller. The borrower was Lawrence Liebhard of L2 Investments, a real estate acquisition firm with a focus on value-add multifamily properties. The lender was Arbor Realty Trust.
The Eastern Union team arranged for $9.195 million in refinancing for Linx Plaza Apartments $5.552 million for Plantation apartments.