Michael Muller, a senior managing director with commercial real estate brokerage Eastern Union, has arranged a bridge loan of $83.33 million in support of the acquisition of The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta.
The asset, formerly known as Stone Ridge at Vinings, is located at 3000 Cumberland Club Dr. in the city’s Central Vinings district. Completed in 1973, the property’s size totals 452,385 square feet.
Muller secured the bridge loan for an unidentified borrower who had acquired The Halsten for an undisclosed amount. The new owner plans approximately $8.8 million in new capital expenditures to upgrade the property’s exteriors and also modernize and renovate the interiors.
“Market conditions in the Atlanta area are excellent for multifamily investment,” Muller said. “National employers in the area are expanding. At the same time, national, out-of-town employers are moving operations into the area. With all this job growth combined with a substantial, incoming workforce, many properties are full and carry waiting lists.”
He said that the sponsor had transacted with an institutional seller and had needed to close within 45 days. Eastern Union successfully completed the transaction within the requisite 45-day window. The non-recourse loan carries an interest rate of secured overnight financing rate (SOFR) plus 350, and covers a two-year term, with three options for 12-month extensions. The transaction requires interest-only payments for a period of up to three years.
