Eastern Union Secures $15.9M for Indiana Condo Conversion Project
Eastern Union has arranged $15.9 million in financing for the condo conversion of River Rock Apartments, a five-story, 82-unit mixed-use property located at 116 West Mishawaka Avenue in Mishawaka, Indiana.
Originally constructed in 2015 and 2016, the property includes 82 residential units totaling 79,775 square feet. In addition, it features eight commercial units comprising 4,385 square feet, which will remain intact following the conversion. The site also includes a 31,027-square-foot parking garage situated on a 1.61-acre parcel.
The financing was arranged by Joe Siegfried, a loan originator and member of Eastern Union’s “President’s Team,” under the leadership of company president and co-founder Abe Bergman. The lender, Republic Bank, provided a three-year, interest-only loan featuring an 8 percent interest rate, a 75 percent loan-to-value ratio, and no prepayment penalties. The borrower was not disclosed.
“This transaction supported the borrower’s business plan by securing the best possible full-leverage, interest-only financing,” said Siegfried. “The loan structure gives the client sufficient time to sell off the condo units.”
