River Rock Apartments Financing Secures $15.9M Loan

NEW YORK, Oct. 7, 2025 — Eastern Union, one of America’s biggest commercial real estate mortgage brokers, has arranged $15.9 million in financing for River Rock Apartments. This five-floor, 82-unit mixed-use property is at 116 West Mishawaka Avenue in Mishawaka, Indiana.

River Rock Apartments Financing Arranged by Eastern Union

The property was built in 2015 and 2016. It has 82 residential units totaling 79,775 square feet. There are also eight commercial units spanning 4,385 square feet. These commercial spaces will stay even after the condo conversion. The site includes a 31,027-square-foot parking garage on a 1.61-acre lot.

Details of the Property and Units

Joe Siegfried, a loan originator at Eastern Union, handled the $15.9 million financing. He is part of the company’s “President’s Team,” led by co-founder Abe Bergman.

“This deal supports the borrower’s plan by providing full-leverage, interest-only financing,” Siegfried said. “The loan structure gives enough time to sell the condo units.”

Republic Bank Loan Terms

Abe Bergman added, “Eastern Union focuses fully on our clients’ business needs. Joe has successfully arranged financing for many types of properties.”

The lender, Republic Bank, offered a three-year, interest-only loan at an 8% interest rate. It has a 75% loan-to-value ratio and no prepayment penalties. The borrower’s name was not shared.

Other Notable Deals by Joe Siegfried

Siegfried has also recently closed other big deals. These include a $10 million refinancing in Pennsauken, New Jersey, a $4.25 million office purchase in West Palm Beach, Florida, and multiple multifamily and mixed-use projects in New York.

His work also involves tricky cases like underperforming hotels, loans in default, and special construction projects.

Author Profile

Saleem Mubarak: The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.

He also writes humorous articles about real estate, investors, and realtors.