Eastern Union Funding, a commercial mortgage brokerage firm, on Thursday announced $22.95 million in financing for a 546-unit apartment property in Lindenwold.The 546-unit Coachman Manor, which is located on Gibbsboro Road, was purchased for about $16 million in March 2014 by Philadelphia-based Odin Realty.
Eastern Union worked on behalf of the borrower, Odin Realty, to secure a five-year, non-recourse 3.25 percent loan from a regional balance sheet lender. Eli Breiner, senior managing director at Eastern Union, headed its team. Proceeds will be used to refinance a $13.8 million acquisition loan, facilitating a cash-out of more than $9 million.
“Coachman Manor has undergone a healthy transformation since that point in time,” Breiner said in a prepared statement.
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