Eastern Union, one of America’s largest commercial real estate mortgage brokerages, has secured $15.9 million in financing toward the condo conversion of River Rock Apartments, a five-floor, 82-unit, mixed-use property located at 116 West Mishawaka Avenue in Mishawaka, Indiana. The city is located six miles east of South Bend in the northern portion of the state.
Built in 2015 and 2016, the property includes 82 residential units totaling 79,775 square feet and eight commercial units spanning 4,385 square feet, which will remain after conversion. The site also features a 31,027-square-foot parking garage on the 1.61-acre parcel.
The financing was arranged by loan originator Joe Siegfried, a member of the Eastern Union “President’s Team” under the leadership of company president and co-founder Abe Bergman.
“This transaction supported the borrower’s business plan by securing the best possible full-leverage, interest-only financing,” said Mr. Siegfried. “The loan structure gives the client sufficient time to sell off the condo units.”
“One of Eastern Union’s core principles is to remain fully focused on our clients’ business needs,” said Mr. Bergman. “True to this commitment, Joe Siegfried has successfully arranged financing across a wide range of asset categories.”
The lender, Republic Bank, provided a three-year, interest-only loan with an 8-percent interest rate, a 75 percent loan-to-value ratio, and no prepayment penalties. The borrower was not identified.
Mr. Siegfried’s recent closings include a $10-million, owner-occupied refinancing in Pennsauken, NJ, a $4.25-million office acquisition in West Palm Beach, and multiple multifamily and mixed-use transactions across New York. His portfolio also spans complex deals involving underperforming hotels, loans in default, and special-use construction projects.
River Rock Apartments features steel-frame construction with concrete, metal, and fiberboard walls, along with interior entrances, a common area, and elevator access.
