Eastern Union Secures $13 Million For the Refinancing Of 15-Building, 156-Unit, Multifamily Complex in Memphis, TN

NEW YORK, Aug. 1, 2024 /PRNewswire/ -- Eastern Union, one of America's largest commercial real estate mortgage brokerages, has arranged a $13-million loan to refinance the debt on the Garden View Apartments, a 156-unit development of fifteen multifamily buildings in Memphis, TN.

The mortgage was secured by senior producers Motti Blau and Mendy Pfeifer. Dov Bakon served as underwriter for the transaction.  

The refinancing carried an interest rate of 7.25 percent over a ten-year term with three years of interest-only payments. The loan will then be amortized over a 30-year period. There are no pre-payment penalties.  

"Our team recognized the borrower's desire for a long-term fixed rate in order to have certainty over a long period of time," said Mr. Blau. "At the same time, should rates go down, he wanted to be able to refinance without incurring a penalty. We structured a deal that was long-term and carried no prepayment penalty."

"The owner saw that the property retained good value, but also wanted to reposition it in a way that offered protection in today's fluid interest rate environment," said Eastern Union president and co-founder Abraham Bergman. "It was critical that Eastern Union had a full understanding of the client's needs, a mindset that reflects our essential role as trusted advisor."

Built in 1963, Garden View Apartments is located on a 9.53-acre parcel at 1033 and 1087 Whitaker Drive. The asset includes 131,000 rentable square feet. The complex is comprised of both two- and three-story buildings. There are 60 one-bedroom and 96 two-bedroom units.

Financing was provided by Bellco Federal Credit Union. The borrower was not identified.

About Eastern Union

Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars' worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.

Media contact:
Steve Vitoff
Eastern Union
516-652-0785
[email protected]

SOURCE Eastern Union