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Eastern Union Arranges $83M Bridge Loan Toward 440-Unit Multifamily in Atlanta
Eastern Union has arranged a bridge loan of $83.3 million in support of the acquisition of The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta’s Central Vinings district.
Eastern Union’s Michael 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.
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.
“Market conditions in the Atlanta area are excellent for multifamily investment,” said 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.”
- ◦Financing
