WARREN, MICH. — Eastern Union has arranged a $38.5 million loan for the refinancing of Warren Manor Apartments in Warren, about 13 miles north of downtown Detroit. The 479-unit multifamily property is situated on 30.7 acres at 21516 Dequindre Road. Alex Jaffa and Sinai Eizikovitz of Eastern Union arranged the loan through Bellco Credit Union. The full loan amount included initial funding of $35.7 million, with the ability to earn an additional $2.8 million as rental revenues rise. The refinancing carried a five-year, fixed-rate term with one year of interest-only payments. The borrower was undisclosed.
Built in 1969, the property comprises 12 two-story buildings and a one-story pool house. Units average 811 square feet. Since 2023, ownership has completed approximately $5 million in capital improvements.