Eastern Union, a leading commercial real estate debt brokerage firm, has secured $14.75 million in refinancing for two multifamily properties located in Mobile, AL.
The first property is the 214-unit Linx Plaza Apartments at 6964 Airport Boulevard. This 16-building site was constructed in 1976 and carries 108,858 square feet of net rentable area across its two stories.
The second asset is the 120-unit Plantation Apartments at 5725 Old Pascagoula Road which consists of 10 two-story structures built back 1977 and 79,040 square feet of net rentable area respectively.
Senior loan consultant Alex Jaffa and senior managing director Michael Muller from Eastern Union successfully executed both transactions on behalf of borrower Lawrence Liebhard from L2 Investments – a real estate acquisition firm with an emphasis on value add multifamily properties – to lender Arbor Realty Trust for $9195 million towards Linx Plaza Apartments and $5552 million towards Plantation apartments respectively .
