Eastern Union Gets $42M for Sub. Multifamily

CHICAGO—CityR Group recently bought the New Colonies, a 672-unit multifamily in south suburban Steger, for $51.658 million, its first acquisition in the Chicagoland region. The property sits at 316 W. 34th St. in Steger about 35 miles south of Chicago. Eastern Union Funding, a New York-based mortgage broker, arranged a $42 million loan for the purchase, one of several it has done in the area. This was one of CityR Group’s biggest deals yet.

Originated by Eastern Union president Ira Zlotowitz and Michael Muller, senior managing director, the Fannie Mae loan features a ten-year term, locking in a 4.03% interest rate. Provided by Arbor Commercial Mortgage, the loan covers roughly 83% of the purchase price.