Eastern Union Secures $39M to Refinance Michigan MF
Eastern Union has arranged a $38.5-million loan to refinance Warren Manor Apartments, a 479-unit multifamily property at 21516 Dequindre Road in Warren, Michigan, situated 18 miles north of Detroit.
The mortgage on the property, which encompasses a net rentable area of 388,675 square feet on a 30.72-acre parcel of land, was secured by senior loan consultant Alex Jaffa and loan consultant Sinai Eizikovitz.
The full loan amount included initial funding of $35.7 million, with the ability to earn an additional $2.8 million as rental revenues rise. The refinancing carried a five-year fixed term with one year of interest-only payments throughout that period. Financing was provided by Bellco Credit Union.
Built in 1969, the apartment complex comprises twelve two-story apartment buildings and a one-story pool house, with 295 one-bedroom units and 184 two-bedroom units. Average unit size equals 811 square feet. Since 2023, ownership has completed approximately $5 million in capital improvements to the property.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout