Eastern Union Funding's Chesky Gross arranged a $12 million non-recourse loan for the purchase of 86 North Apartment Homes, a recently renovated seven-acre community located in the heart of Chapel Hill, N.C., near Duke University and the Research Triangle Park. There are nine three-story buildings, totaling 144 units, plus a pool, a clubhouse/leasing office, and basketball and volleyball courts.

According to Mr. Gross, Bridge Investment Group provided the interim financing. Impressed with the borrowers' experience and the property's strong leasing velocity, the deal closed in 36 days. The financing was structured as a 3-year loan with an open prepayment after the first year. The buyer and purchase price were not disclosed.

About Eastern Union Funding

Founded in 2001, Eastern Union Funding is one of the nation's strongest and most active commercial mortgage brokerage firms and was named by Crain's New York Business in 2014 and 2015 as one of the top 50 fastest growing companies in NYC. Its award-winning team closes over $3 billion in deals annually, specializing in sophisticated debt and equity solutions for small and mid-sized loans across all property types. Celebrating its 15th year in business, the firm this year launched its groundbreaking Eastern Union commercial real estate app that serves as a digital toolbox for investors to identify and close deals quickly. It is available in the Apple App Store and via Google Play for Android.

Eastern Union is co-headquartered in New York and Howell, New Jersey, with offices in Maryland and Israel. For more information, visit www.easternuc.com.