Eastern Union Delivers $48 Million Bridge Loan for 212-Unit, Mixed-Use Multifamily Property in Atlanta

Michael Muller Closes Financing for Optimist Lofts, Situated at Convergence of Midtown and Buckhead

NEW YORK, May 3, 2022 /PRNewswire/ -- Michael Muller, a senior managing director with Eastern Union, has arranged a $48-million bridge loan in support of the acquisition of Optimist Lofts, a 212-unit, mixed-use multifamily property situated at 2115 Piedmont Road NE in Atlanta.

Eastern Union is one of America's largest commercial real estate brokerages.

The 4.44-acre asset -- with a net rentable area of 205,316 square feet -- is situated in the northernmost portion of Atlanta's Midtown district immediately adjacent to the Buckhead submarket.

Completed in 2008, the property's overall size totals 452,385 square feet. The 212 residential units consist of 203 conventional units and nine "live/work" units housed in four three- and four-story buildings. The conventional spaces range in size from 662 to 1,885 square feet. The live/work units range in size from 1,492 to 2,412 square feet. Average unit size is 968 square feet. The Optimist Lofts also includes six ground-floor retail spaces totaling 8,026 square feet in size.

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.  

The new owner, who was not identified, 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. The improvements are expected to enhance marketability and extend the site's useful life. 

"Attracting job-seekers from around the country, Atlanta's rate of employment growth is presently faster than the national rate by nearly one-third," said Mr. Muller. "Optimist Lofts represents a sound investment opportunity within an economically secure setting. The property's upside is underscored by the units' urban lifestyle feel, its live/work offerings, and the on-site retail."

Michael Muller recently arranged a bridge loan of $83.33 million in support of the acquisition of The Halsten at Vinings Mountain, a 440-unit multifamily property also in Atlanta.

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.                                                                                                                                   

Media contact:

Steve Vitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union