Broker arranges for $88.33 million bridge loan

The non-recourse loan carries an interest rate of 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. 

Muller previously closed on a $70.9 million move for a multifamily property in Atlanta, the company previously announced. Per a January announcement, Eastern Union also secured $54.7 million in financing for two single-family rental portfolios in Baltimore, as well as $12.77 million in financing for a mobile home site in Houston.

In a January telephone interview with Mortgage Professional America, company president and CEO Abraham Bergman pointed to multifamily properties as a perennial favorite among investors. He spoke to MPA after reaching a milestone last year of 240 closed transactions in 240 American cities across 32 states in 2021.

“Multifamily always takes up a very large portion of the transactions that go on in the country,” Bergman told MPA. “There are a lot more people out there who are OK with renting an apartment. The new American Dream might be renting an apartment so you can move anytime you want. So, you’ve definitely seen a big demand for housing across the country.”

More surprising are the number of “exotic” investments – self-storage properties and mobile home parks, Bergman noted in the way of providing examples – that have emerged in a manner reflective of pandemic-fueled changes and the growing presence of itinerant residents. An example is a $58.1 million loan for a self-storage complex in Virginia Beach, Virginia, that was among the deals closed by managing director David Merkin.