Dealmaker: Eastern Union Arranges $15.9M for Indiana Condo Conversion

(Image courtesy of Eastern Union)

Eastern Union, Howell, N.J., arranged $15.9 million in financing toward a condo conversion in Mishawaka, Ind., near South Bend.

The financing was arranged by Loan Originator Joe Siegfried. The lender, Republic Bank, provided a three-year, interest-only loan with an 8% interest rate, a 75% 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,” Siegfried said. “The loan structure gives the client sufficient time to sell off the condo units.”

Built between 2015-2016, the property, called River Rock Apartments, has 82 residential units and eight commercial units, in addition to a parking garage.