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**Eastern Union Arranges $38.5M Refinancing for Warren Manor Apartments in Michigan**
Eastern Union has successfully arranged a $38.5 million loan to refinance Warren Manor Apartments, a 479-unit multifamily property located at 21516 Dequindre Road in Warren, Michigan — approximately 18 miles north of Detroit.
The mortgage was secured by Eastern Union’s senior loan consultant Alex Jaffa and loan consultant Sinai Eizikovitz. The financing package includes initial funding of $35.7 million, with the potential to access an additional $2.8 million tied to increased rental revenue performance.
The refinancing was structured with a five-year fixed term, including one year of interest-only payments. Bellco Credit Union provided the funding.
Originally built in 1969, the apartment complex spans 388,675 square feet of net rentable area on a 30.72-acre site. It features twelve two-story apartment buildings and a one-story pool house, comprising 295 one-bedroom units and 184 two-bedroom units, with an average unit size of 811 square feet.
Since 2023, approximately $5 million in capital improvements have been invested by the current ownership to enhance the property.
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