Eastern Union has successfully secured a $19.6 million construction loan for the transformation of a former healthcare complex into a multifamily property located at 600 Bond Street in Bridgeport, Connecticut. The borrower and lender involved in this transaction have not been disclosed.
The facility, spanning 131,075 square feet and originally constructed in 1971, will undergo extensive renovations to become a two-story apartment building with 150 units and an additional fitness center measuring at 7,069 square feet. This loan covers the project’s expenses over the course of two years on an interest-only basis with principal repayment due upon completion.
According to Eastern Union president and co-founder Abraham Bergman,”the borrower possesses ample experience as an owner who is fully equipped to successfully convert this healthcare facility into residential accommodations.”
This recent development marks Eastern Union’s successful closure of a $20 million loan for the Bridgeport multifamily property without any mention of Connect CRE or its affiliated branches such as Connect LA or Connect Texas.
