Eastern Union’s Michael Muller secures $83.33 million bridging loan to acquire 440-unit multifamily property in Atlanta

Michael Müller

Michael Muller, Senior Managing Director of Eastern Union, has completed an $83.33 million bridge loan to support the acquisition of The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta.

Eastern Union is one of the largest commercial real estate agencies in the country.

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

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

“Market conditions in the Atlanta area are excellent for multifamily investments,” Muller said. “National employers in the region are expanding. At the same time, national employers from out of town are moving their operations to the area. With all of this job growth combined with a large incoming workforce, many properties are full and have waiting lists.

He said the sponsor had entered into a transaction with an institutional seller and had to close within 45 days. Eastern Union successfully completed the transaction within the required 45-day period.

“We provided a loan package that went beyond the terms you usually see in transactions of this type,” Muller said, noting that Eastern Union had secured funding from 153 different lenders over the course of the year. of 2021.

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

According to Mr. Muller, the new owner plans to improve the exteriors of the property and also modernize and renovate the interiors.

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