Eastern Union Secures $15.9 Million In Financing For Multi-Family Conversion Project In East Peoria, Illinois

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May 28, 2026, 08:42 ET

NEW YORK, May 28, 2026 /PRNewswire/ -- Eastern Union, one of the country's leading commercial real estate finance firms, has arranged a $15,918,000 acquisition and construction loan for the conversion of a former assisted living facility into a 246-unit multifamily property located at 500 Centennial Drive in East Peoria, Illinois.

Eastern Union arranged a $15,918,000 acquisition and construction loan to convert this former assisted living facility in East Peoria, IL into a modern, 246-unit multifamily property. The financing was arranged by senior loan originator Joe Siegfried. The borrower was The H&A Group of South Bend, IN. The property, presently vacant, totals approximately 212,374 square feet in size.

Joe Siegfried, a senior loan originator with Eastern Union, has delivered a $15,918,000 acquisition and construction loan in support of the conversion of a former assisted living facility in East Peoria, IL into a modern, 246-unit multifamily property. The borrower was The H&A Group of South Bend, IN.

The financing was arranged by senior loan originator Joe Siegfried of Eastern Union. The borrower was The H&A Group of South Bend, IN, a real estate investment and development company focused on value-add and adaptive reuse opportunities across multiple asset classes. The loan was provided by Genesis Capital, which is based in Sherman Oaks, CA.

Originally constructed in 1984, the property totals approximately 212,374 square feet in size on a 23.4-acre parcel of land. The site has 206 parking spaces.

It will undergo substantial redevelopment from an assisted living facility – which is currently vacant -- into modern multifamily housing. The project is located in the Centennial Drive corridor of East Peoria, a growing market with increasing demand for residential rental inventory.

The transaction included both acquisition and construction financing and represented approximately 85 percent loan-to-cost. The three-year financing carried an interest-only structure for the full term. The loan also carried no prepayment penalty and an interest rate of SOFR plus 500 basis points.

"The key to this transaction was securing high-leverage financing in a secondary market while still achieving favorable loan terms," said Mr. Siegfried. "We were able to structure 85 percent of the total project costs along with an aggressive rate and a full 36-month interest-only term, creating meaningful flexibility for the sponsor as they execute the conversion strategy.

"The full gut renovation will reposition the asset into market-rate multifamily housing designed to meet growing regional demand," he said.

Planned improvements include a swimming pool, new kitchen appliances, upgrades to cabinets, closets and countertops, HVAC improvements, and other renovations.

About Eastern Union

Founded in 2001, Eastern Union is a national commercial real estate firm that 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, multifamily, office, retail, healthcare, hospitality, manufactured home properties, single-family rentals, self-storage, and -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.

For more information, visit www.easternunion.com.

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

SOURCE Eastern Union