Dealmaker: Eastern Union Secures $84M for Two Multifamily Assets
Eastern Union, New York, arranged $83.8 million in financing for two multifamily properties, The Boulders in Amherst, Mass., and Cliffside Apartments in neighboring Sunderland, Mass.
Michael Muller, Senior Managing Director with Eastern Union, secured $44.8 million for The Boulders and $39 million for Cliffside Apartments.
The loan for The Boulders floats at a spread of 2.83 percent plus the one-month SOFR. The financing allows for interest-only payments for the first four years. The property consists entirely of market-rate two-bedroom units averaging 844 square feet.
Cliffside Apartments, built in 1976, received a ten-year floating-rate loan at a spread of 2.83 percent plus the one-month SOFR. As with The Boulders, the financing allows for interest-only payments for the first four years. Sixty percent of the property consists of one-bedroom units, with the balance comprised of two-bedroom, three-bedroom, four-bedroom and townhouse units. Cliffside Apartments average 532 square feet.
The combined loan-to-value ratio was 75 percent.
Muller noted the two properties had been held by their prior owners for 29 years.