EASTERN UNION ARRANGES $21.5M CMBS LOAN FOR OFFICE BUILDING CONVERSION

BALTIMORE — Eastern Union has arranged a $21.5 million CMBS loan for the conversion of the Equitable Building, located at 10 N. Calvert St. in Baltimore, into a 180-unit apartment building. The borrower, JK Equities, is investing a total of $32 million in the repositioning of the nine-story asset. Ira Zlotowitz and Meir Kennser of Eastern Union arranged the three-year loan with a fixed 4.91 percent interest rate through Natixis Global Asset Management.