Former Healthcare Facility Will Be Transformed Into 150-Unit Multifamily Property
NEW YORK, Sept. 27, 2023 /PRNewswire/ — Eastern Union, one of America’s largest commercial real estate mortgage brokerage firms, has arranged a $19,634,381 construction loan in support of the conversion of a 131,075-square-foot, former healthcare complex into a multifamily property at 600 Bond Street in the North Bridgeport section of Bridgeport, CT.
The facility, constructed in approximately 1971, is situated on a 15-acre site. It will undergo a gut renovation and reconfiguration into a 150-unit, two-story, walkup apartment building as well as a 7,069-square-foot fitness center.
The mortgage was secured by Eastern Union senior managing director Motti Blau, senior loan consultant Mendy Pfeifer, and senior loan consultant Hershy Fried. Dov Bakon served as underwriter for the transaction.
The loan covered a 24-month period on an interest-only basis, with principal due at the end of the term. The interest rate was not disclosed.
“The Eastern Union team succeeded in securing financing for this ambitious project thanks to the solid relationships they have built with lenders nationwide,” said Eastern Union president and co-founder Abraham Bergman. “The borrower is an experienced owner who has the capabilities to successfully execute a transition from a healthcare facility into a residential property.”
The names of the borrower and the lender were not disclosed.
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars’ worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.
For more information, visit www.easternunion.com.
SOURCE Eastern Union