NEW YORK, Jan. 10, 2022 /PRNewswire/ — Michael Muller of Eastern Union, a leading, national commercial mortgage brokerage firm, has arranged a $71.3-million bridge loan toward the acquisition of the Crest at Riverside, a 396-unit, multifamily property at 100 Chattahoochee Circle in Roswell, GA.
With a full sale price of $87.5 million, the transaction’s loan-to-cost ratio equaled 81 percent. The interest rate was set at LIBOR + 340. The non-recourse loan carries a three-year term with options for two one-year extensions, and repayment is interest-only over its full term.
About 20 miles north of Atlanta, the Roswell area has posted record levels of multifamily demand and rent growth over the past several quarters.
The Crest at Riverside, with a net rentable area of 518,460 square feet, is being acquired by MSC Properties, an Atlanta-based real estate investment company. The lender was New York-based Arbor Realty.
"National market interest in the greater Atlanta region is being largely propelled by two forces," said Mr. Muller, a senior managing director with Eastern Union. "First, the area is attracting a significant migration of both businesses and people from northern states. And second, the region has been experiencing strong rental growth, fueled in part by this migration.
"We worked with an in-state investor to underwrite the loan, and to secure the best possible rates and terms," he said. "Eastern Union also demonstrated to the buyer that rent growth projections were, in fact, higher than their own original estimates."
About Eastern Union
Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. It employs more than 90 real estate professionals and closes an average of $4 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, mobile home parks, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.
For more information, visit www.easternunion.com.
516 652 0785
SOURCE Eastern Union