The Real Deal Miami

Eastern Union Funding arranges $10.6M bridge loan to landlord

The Tampa-based borrower financed its acquisition of a Jacksonville apartment complex
November 05, 2016 11:15AM

Southwind Townhomes in Jacksonville

Southwind Townhomes in Jacksonville

Eastern Union Funding arranged a $10.6 million bridge loan from Ladder Capital to a Tampa-based borrower to finance the acquisition of an apartment complex in Jacksonville.

The borrower, Blue Rock Partners LLC, paid $9.8 million for the 184-unit apartment complex in Jacksonville, called Southwind Townhomes.

Ira Zlotowitz, president of New York-based Eastern Union, and Marc Belsky, managing director, arranged the 24-month loan, priced at 5.24 percent above LIBOR, with an optional one-year extension.

According to Belsky,the loan-to-cost ratio was 85 percent.

“The borrower was considering other financing options but, with the interest of many lenders, we were able to arrange the highest proceeds at the most competitive rate,”  Belsky said in a prepared statement.