Eastern Union’s $48M Loan Supports Buy of 212-Unit Multifamily in Atlanta
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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.