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Eastern Union secures $28m loan for multifamily portfolio

Eastern Union has announced closing a $28 million commercial mortgage loan for a multifamily portfolio in Bridgeport, Conn.

The 10-year loan carried an interest rate of 5.25%. The term included five years of interest-only payments and an amortization period of 30 years. The financing comprised of three loans amounting to $11.8 million, $9.35 million, and $6.93 million. The full sale price was $39,637,500.

According to info provided by Eastern Union, the multifamily portfolio includes 13 individual properties, including 1590 Barnum Avenue with 17 units, 299 Berkshire Avenue with 24 units, and 1465 East Main Street with 46 units.

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