Eastern Union has arranged a $48-million bridge loan in support of the acquisition of Optimist Lofts, mixed-use multifamily property situated on Piedmont Road NE in Atlanta, GA. The property includes six ground-floor retail spaces totaling 8,026 square feet.

The $48-million, interest-only bridge loan carries an interest rate of SOFR plus 345 basis points over a two-year term, with three one-year extension options. 

Optimist Lofts sits on 4.4 acres in the northernmost portion of Atlanta’s Midtown district immediately adjacent to the Buckhead submarket. The 2008-constructed property has 203 conventional units and nine “live/work” units housed in four three- and four-story buildings.

The new owner is planning to undertake a multi-million-dollar capital expenditure initiative for improvements to approximately half of the units, as well as various exterior, common area renovations and site upgrades.