Dealmaker: Eastern Union Arranges $48M for Atlanta Mixed-Use Multifamily

Eastern Union, New York, arranged a $48 million bridge loan for a Midtown Atlanta mixed-use multifamily property.

Senior Managing Director Michael Muller arranged the acquisition loan for Optimist Lofts, a 212-unit mixed-use property at 2115 Piedmont Road NE.

Occupying 4.4 acres, Optimist Lofts has a net rentable area of 205,316 square feet in the northernmost portion of Atlanta’s Midtown district adjacent to the Buckhead submarket.

Completed in 2008, the property totals 452,385 square feet. It includes 203 conventional units and nine “live/work” units in four three- and four-story buildings. The conventional spaces range between 662 and 1,885 square feet and the live/work units range in size from 1,492 to 2,412 square feet. The Optimist Lofts also includes six ground-floor retail spaces totaling 8,026 square feet.

The interest-only bridge loan carried an interest rate of SOFR plus 345 basis points over a two-year term, with three one-year extension options. 

Eastern Union said the new owner plans a multi-million-dollar capital expenditure initiative to improve nearly half of the units as well as various exterior common area renovations and site upgrades.  

“Attracting job-seekers from around the country, Atlanta’s rate of employment growth is presently faster than the national rate by nearly one-third,” Muller said. He noted 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,” he said.