Eastern Union Secures $84M for 1970s-Vintage Multifamilies in Amherst, Sunderland
Eastern Union has arranged a total of $83.8 million in financing in support of The Boulders, a 256-unit, multifamily property in Amherst, MA, and Cliffside Apartments, a 280-unit property situated in neighboring Sunderland, MA.
Michael Muller of Eastern Union secured the financing through Newmark. The combined loan-to-value ratio was 75 percent.
Boston, MA-based Northland sold both 1970s-vintage properties, with a combined 536 units, to an undisclosed buyer.
The Boulders was granted a 10-year mortgage of $44.8 million. The interest rate is floating at a spread of 2.83% plus the one-month SOFR. The financing allows for interest-only payments for the first four years.
Cliffside Apartments was granted a 10-year mortgage of $39 million The interest rate is floating at a spread of 2.83% plus the one-month SOFR. The financing allows for interest-only payments for the first four years.
Photo: The Boulders
- ◦Sale/Acquisition
- ◦Financing