Dealmaker: Eastern Union Secures $83M for Atlanta Multifamily Property

Eastern Union, New York, arranged an $83.3 million bridge loan for The Halsten at Vinings Mountain, a 440-unit Atlanta multifamily property.

The asset, formerly called Stone Ridge at Vinings, is at 3000 Cumberland Club Drive in the city’s Central Vinings district. Completed in 1973, the property totals 452,385 square feet.

Michael Muller, Senior Managing Director with Eastern Union, arranged the loan. He said the new owner plans nearly $9 million in new capital expenditures.

“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.”

Muller said the sponsor transacted with an institutional seller and needed to close within 45 days. Eastern Union successfully completed the transaction within the requisite 45-day window.

The two-year non-recourse loan carried a SOFR plus 350 basis point interest rate and included three 12-month extension options. The loan allows interest-only payments for up to three years.

Muller said the new owner plans to upgrade the property’s exteriors and modernize and renovate the interiors.