Finance L Iowa

Eastern Union arranges loan for Des Moines-area apartments

Eastern Union provides $27 million loan for Iowa apartments,ph01

On behalf of Besyata Investment Group and The Scharf Group, Eastern Union’s Jeff Seidenfeld arranged a $27.5 million bridge loan for the acquisition of 236 apartments at Autumn Ridge, a residential community in Waukee, Iowa, a suburb of Des Moines.

The 85 percent LTV, non-recourse loan for the fractured condo transaction was provided by Greystone.

Autumn Ridge is located 25 minutes from downtown Des Moines, within 15 minutes of the top 10 employers in the West Des Moines submarket, and within 10 minutes of retail centers and three major interstates.

The apartments offer “condo-quality” features, including open-space living areas, fully equipped kitchens with higher-end finishes, an in-home washer/dryer, spacious walk-in closets, a mounted 50-inch LED TV, electric fireplace and a private patio or balcony. The modern clubhouse has free Wi-Fi, a 24-hour fitness center, swimming pool and sun deck.

Upon completion in late 2018, the entire development will total about 560,000 square feet. The units range in size from 828 to 1,307 square feet.