Michael Muller of Eastern Union Secures $83.33-Million Bridge Loan Toward Acquisition of 440-Unit Multifamily Property in Atlanta

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Apr 07, 2022, 08:39 ET

NEW YORK, April 7, 2022 /PRNewswire/ -- Michael Muller, a senior managing director with Eastern Union, has arranged a bridge loan of $83.33 million in support of the acquisition of The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta.

Eastern Union is one of the country's largest commercial real estate brokerages.

Michael Muller, a senior managing director with Eastern Union, arranged a $83.33-million bridge loan in support of the acquisition of The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta.

The Halsten at Vinings Mountain is a 440-unit multifamily property located at 3000 Cumberland Club Drive in Atlanta's Central Vinings district. Eastern Union recently arranged for an $83.33-million bridge loan in support of its acquisition.

The asset -- formerly known as Stone Ridge at Vinings -- is located at 3000 Cumberland Club Drive in the city's Central Vinings district. Completed in 1973, the property's overall size totals 452,385 square feet.

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

"Market conditions in the Atlanta area are excellent for multifamily investment," said Mr. Muller. "National employers in the area are expanding. At the same time, national, out-of-town employers are moving operations into the area. With all this job growth combined with a substantial, incoming workforce, many properties are full and carry waiting lists."

He said that the sponsor had transacted with an institutional seller and had needed to close within 45 days. Eastern Union successfully completed the transaction within the requisite 45-day window.

"We delivered a loan package that went above and beyond the terms one usually sees in transactions of this type," Mr. Muller said, noting that Eastern Union had tapped financing from 153 different lenders over the course of 2021.

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

According to Mr. Muller, the new owner plans to upgrade the property's exteriors and also modernize and renovate the interiors.

About 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 an average of $4 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the 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 -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.

For more information, visit www.easternunion.com.

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

SOURCE Eastern Union