Dealmaker: Eastern Union Secures $19.6M Construction Loan in Connecticut

(Image courtesy of Eastern Union)

Eastern Union, New York, secured a $19.6 million construction loan to support the conversion of a former health care complex into a multifamily property in Bridgeport, Conn.

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 building was originally constructed in 1971 and sits on a 15-acre site. Once transformed, it will be a 150-unit apartment building and a 7,069-square-foot fitness center.

“The borrower is an experienced owner who has the capabilities to successfully execute a transition from a health care facility into a residential property,” said Eastern Union President and Co-founder Abraham Bergman.