Eastern Union 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, which consists of 16 two-story buildings and 108,858 square feet of net rentable area built in 1976. The second asset is the 120-unit Plantation Apartments at 5725 Old Pascagoula Road with 10 two-story structures and 79,040 square feet of net rentable area constructed in 1977.
The transactions were handled by senior loan consultant Alex Jaffa and senior managing director Michael Muller on behalf Eastern Union’s client L2 Investments – a real estate acquisition firm specializing value add multifamily investments – while Arbor Realty Trust provided the lender services for both deals; $9.195 million was allocated to refinance Linx Plaza Apartments while an additional $5.552 million was used to secure funding for Plantation apartments .
