Broker Arranges $88.33 Million Bridge Loan

The non-recourse loan bears an interest rate of SOFR plus 350 and covers a two-year term, with three 12-month extension options. The transaction requires only interest payments for up to three years.

Muller previously completed a $70.9 million move for a multifamily property in Atlanta, the company previously announced. According to 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 phone interview with Mortgage Professional America, the company’s president and CEO, Abraham Bergman, indicated that multifamily properties were a perennial favorite with investors. He spoke to MPA after hitting the milestone last year of 240 deals completed in 240 US cities across 32 states in 2021.

“Multifamily still represents a very large portion of the transactions taking place in the country,” Bergman told MPA. “There are many more people who agree to rent an apartment. The New American Dream could be renting an apartment so you can move in whenever you want. So you have certainly seen a strong demand for housing across the country.

More surprising is the number of “exotic” investments — self-storage properties and mobile home parks, Bergman noted to give examples — that have emerged in ways that reflect changes fueled by the pandemic and the increasing presence of itinerant residents. One example is a $58.1 million loan for a self-storage complex in Virginia Beach, Va., which was among the deals completed by chief executive David Merkin.

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