Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Eastern Union Secures Bridge Loan for Indianapolis Apartment Deal
Eastern Union secured a $9.75-million bridge loan to facilitate the acquisition financing of Meridian Towers, a 195-unit apartment building at 3710 N. Meridian St. in Indianapolis. The borrower was a joint venture of New York City-based Crown Capital Ventures and Whitestone Capital of Toronto.
The loan was arranged by Michael Wyne, managing director of capital markets for Eastern Union. Assisting was Boruch Mandel, a VP with Eastern Equity Advisors, an affiliate of Eastern Union.
The loan for Meridian Towers carries a three-year interest-only term, with options for two one-year extensions.
“Meridian Towers is a 1950s vintage, mid-rise apartment building,” said Wyne. “Yet even under these circumstances, we were able to structure financing by getting the lender comfortable with the neighborhood and helping the lender see the property’s future upside.
“The buyer, a repeat client of Eastern Union, once again successfully identified an excellent, value-add addition to their portfolio,” he added.
- ◦Sale/Acquisition
- ◦Financing
