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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).