Eastern Union 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.
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 company president and co-founder Abe Bergman. 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.
“This transaction supported the borrower’s business plan by securing the best possible full-leverage, interest-only financing,” said Siegfried. “The loan structure gives the client sufficient time to sell off the condo units.”
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