REBusinessOnline

Eastern Union Funding Arranges $12M Acquisition Loan for Chapel Hill Multifamily Property

86 North Apartment Homes features nine three-story buildings, as well as a swimming pool, clubhouse and leasing office and basketball and volleyball courts.

CHAPEL HILL, N.C. — Eastern Union Funding has arranged a $12 million, non-recourse loan for the acquisition of 86 North Apartment Homes, a recently renovated, 144-unit multifamily community located at 200 Westminster Drive in Chapel Hill near Duke University and the Research Triangle Park. The property features nine three-story buildings, as well as a swimming pool, clubhouse and leasing office and basketball and volleyball courts. Chesky Gross of Eastern Union Funding arranged the three-year loan that features an open prepayment after the first year through Bridge Investment Group Partners. The buyer and purchase price were not disclosed.

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