Dealmaker: Eastern Union Secures $50M Construction Loan

(Rendering Courtesy of Eastern Union)

Eastern Union’s Mid-Atlantic Group, Bethesda, Md., secured a $49.5 million construction loan for New York-based Hillcrest Acquisitions in support of a planned multifamily community in Madison, Ala.

Madison is a suburb of Huntsville. The complex, called The Gabriel, will include 10 three-story buildings and is expected to finish construction in July 2024.

The financing, carrying a 36-month term, was provided by 3650 REIT.

Eastern Union’s Bethesda office is led by senior managing director Marc Tropp and senior managing director David Merkin.