Eastern Union has arranged a $38.5-million loan to refinance Warren Manor Apartments, a 479-unit multifamily property at 21516 Dequindre Road in Warren, Michigan, situated 18 miles north of Detroit.

The mortgage on the property, which encompasses a net rentable area of 388,675 square feet on a 30.72-acre parcel of land, was secured by senior loan consultant Alex Jaffa and loan consultant Sinai Eizikovitz.

The full loan amount included initial funding of $35.7 million, with the ability to earn an additional $2.8 million as rental revenues rise. The refinancing carried a five-year fixed term with one year of interest-only payments throughout that period. Financing was provided by Bellco Credit Union.

Built in 1969, the apartment complex comprises twelve two-story apartment buildings and a one-story pool house, with 295 one-bedroom units and 184 two-bedroom units. Average unit size equals 811 square feet. Since 2023, ownership has completed approximately $5 million in capital improvements to the property.