Eastern Union’s Michael Muller secures $83.33 million bridging loan to acquire 440-unit multifamily property in Atlanta

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NEW YORK, April 7, 2022 /PRNewswire/ — Michael Muller, Senior Managing Director at Eastern Unionarranged a bridge loan of $83.33 million in support of the acquisition of The Halsten at Vinings Mountain, a 440-unit multifamily building in Atlanta.

Eastern Union is one of the largest commercial real estate brokers in the country.

The asset – formerly known as stone ridge in Vinings – is located at 3000 Cumberland Club Drive in the Central Vinings area of ​​the city. Completed in 1973, the overall property size totals 452,385 square feet.

Mr. Muller guaranteed the bridge loan for an unidentified borrower who had acquired The Halsten for an undisclosed amount. The new owner expects approximately $8.8 million in new capital expenditures.

“Market conditions in the Atlanta are excellent for multi-family investments,” Muller said. “National employers in the region are growing. At the same time, national employers from out of town are moving their operations to the area. With all of this job growth combined with a large incoming workforce, many properties are full and have waiting lists.”

He said the sponsor had entered into a transaction with an institutional seller and had to close within 45 days. Eastern Union successfully completed the transaction within the required 45-day window.

“We provided a loan package that went beyond the terms you usually see in transactions of this type,” Muller said, noting that Eastern Union had obtained financing from 153 different lenders during 2021.

The non-recourse loan bears an interest rate of SOFR plus 350 and covers a two-year term, with three 12-month extension options. The transaction only requires interest payments for up to three years.

According to Mr. Muller, the new owner plans to improve the exteriors of the property and also modernize and renovate the interiors.

On Eastern Union
Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage firm. It employs more than 90 real estate professionals and closes on average $4 billion in transactions each year. Eastern Union leverages its lender relationships and market knowledge to secure the best rates and terms available.

Based at new York, Eastern Union secures financing for transactions of all sizes through United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, mobile home parks, single family rentals, investment sales and – processed in conjunction with affiliate Eastern Equity Advisors — Equity Placement.

For more information, visit www.westernunion.com.

Media contact:
Steve Vitoff
Eastern Union
516 652 0785
[email protected]

THE SOURCE Eastern Union

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