Eastern Union Secures $14,747,000 to Refinance Two Multifamily Properties in Mobile, AL Representing a Total of 334 Units
NEW YORK, June 19, 2023 — Eastern Union, one of the country’s largest commercial real estate brokerage firms, has arranged $14,747,000 in refinancing for two multifamily properties in Mobile AL comprising a total of 334 units.
The first property is the 214-unit Linx Plaza Apartments located at 6964 Airport Boulevard. The 16-building, two-story site was constructed in 1976 and carries 108,858 square feet in net rentable area.
The second asset is the 120-unit Plantation Apartments at 5725 Old Pascagoula Road. This venue consists of ten two-story structures. It was built in 1977 and comprises 79,040 square feet in net rentable area.
The transactions were executed by senior loan consultant Alex Jaffa and senior managing director Michael Muller. The borrower was Lawrence Liebhard of L2 Investments, a real estate acquisition firm with a focus on value-add multifamily properties. The lender was Arbor Realty Trust.
The Eastern Union team arranged for $9,195,000 in refinancing for Linx Plaza Apartments. The loan carries a fixed 5.27-percent interest rate over a ten-year term. Amortized over a 30-year period, the transaction had a 70-percent loan-to-value ratio and four years of interest-only payments.
The refinancing for Plantation Apartments amounted to $5,552,000 at a fixed interest rate of 5.32 percent. The loan carried a ten-year term and a 30-year amortization period. The Plantation transaction had a 70-percent loan-to-value ratio and three years of interest-only payments.
“Rising interest rates and market volatility were both major factors in the closing of these refinances,” said Mr. Jaffa. “At the same time, we were able to leverage our relationships to negotiate an excellent rate for a highly experienced borrower and operator who has a big presence in the Mobile, Alabama market.”
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.
Headquartered in New York, 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.
SOURCE Eastern Union