Eastern Union Secures $9.75-Million Bridge Loan for 195-Unit Meridian Towers in Indianapolis

NEW YORK, Sept. 14, 2021 /PRNewswire/ -- Eastern Union, one of the country's largest commercial real estate finance firms, has secured a $9.75-million bridge loan to facilitate the acquisition financing of Meridian Towers, a 195-unit apartment building situated at 3710 North Meridian Street in Indianapolis, IN.

The loan was arranged by Michael Wyne, managing director of capital markets for Eastern Union. He was assisted by Boruch Mandel, a vice president with Eastern Equity Advisors, an affiliate of Eastern Union.

The borrower was a joint venture of New York City-based Crown Capital Ventures and Whitestone Capital of Toronto, Canada.

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 Mr. 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 said. "This asset will generate strong returns for their investors."

About Eastern Union 

Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. It employs more than 125 real estate professionals and closes an average of $5 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

Eastern Union, headquartered in New York, closes transactions of all sizes across the United States. It secures financing for all asset types. Transactions -- which can include multi-state and multi-site portfolios -- encompass both conventional and structured financing. In 2020, Eastern Union's Multi-Family Group reset market pricing by offering a quarter-point fee for refinancing properties backed by Fannie Mae or Freddie Mac. Capital introductions are handled through Eastern Union's affiliate, Eastern Equity Advisors.

For more information, visit www.easternunion.com.   

Media contact:

Steve Vitoff
Eastern Union
516 652 0785
[email protected] 

SOURCE Eastern Union