Eastern Union has successfully secured a $19.6 million construction loan for the conversion of a former healthcare complex into a multifamily property in Bridgeport, CT. The borrower and lender’s identities remain undisclosed.
The 131,075-square-foot facility, originally built in 1971, will undergo extensive renovations to transform into a two-story apartment building with 150 units and an accompanying fitness center spanning over 7,000 square feet. The loan covers a period of 24 months on an interest-only basis with principal repayment due at the end of the term.
According to Eastern Union president and co-founder Abraham Bergman, “The borrower is an experienced owner who possesses the necessary capabilities to successfully transition from operating as a healthcare facility to managing residential properties.”
This recent development marks another successful venture for Eastern Union as they close on their $20 million loan deal for this promising multifamily property in Bridgeport.
