Dealmaker: Eastern Union Secures $28M for Multifamily Portfolio

(1465 East Main Street, Bridgeport, Conn.)

Eastern Union, New York, arranged $28 million in financing for a 13-property, 437-unit multifamily portfolio in Bridgeport, Conn.

Eastern Union Senior Managing Director Motti Blau and Senior Loan Consultants Mendy Pfeifer and Hershy Fried arranged the financing; Dov Bakon served as underwriter.

KeyBank Real Estate Capital, Cleveland, provided three loans amounting to $11.8 million, $9.3 million and $6.9 million for 1590 Barnum Avenue, 299 Berkshire Avenue and 1465 East Main Street, respectively, in Bridgeport. Additional sites included 15-unit 30 Granfield Avenue, 17-unit 80 Granfield Avenue and 850 and 1054 Hancock Avenue, both 15-units properties. Rounding out the portfolio: 1575 Iranistan Avenue with 28 units, 2209-2225 Main Street with 179 units, 898-930 Norman Street with 28 units, 644-654 Park Street with 18 units, 85 Price Street with 17 units and 340 Putnam Street with 18 units. The portfolio’s sale price totaled $39.6 million.

The loan carried an interest rate of 5.25 percent over a 10-year term and included five years of interest-only payments.