Assets total 536 units
New YorkAnd the June 23, 2022 /PRNewswire/- Michael Mullerone of the senior managing directors of Eastern Union, arranging a total of $83.8 million In funding to support The Boulders, a 256-unit multi-family property in Amherst, Massachusettsand Cliffside Apartments, a 280-unit estate located nearby Sunderland, Massachusetts. The total number of apartments is 536 units.
Eastern Union is one of the largest commercial real estate brokerages in America.
Mr. Mueller took out a ten-year mortgage of $44,805,000 For The Boulders, built in 1974, the interest rate moves with a difference of 2.83% plus the one-month SOFR. Financing allows interest payments only for the first four years. The entire property consists of market-priced 2-bedroom units averaging 844 square feet. The total rental area on the site is approximately 216,000 square feet.
It also ended its ten-year closure, 39 million dollars The Cliffside Apartments Mortgage, built in 1976. The interest rate is variable with a difference of 2.83 percent plus a one-month SOFR. As with The Boulders, the financing allows interest payments only for the first four years. Sixty percent of the property consists of one-bedroom units, and the remaining balance consists of two-, three- and four-bedroom units and townhouses. average unit size for Cliffside The site area is 532 square feet and the total leasable area is approximately 149,975 square feet. All apartments are at market price.
The combined loan-to-value ratio was 75 percent. Funding was provided by Newmark. was the seller BostonNorthland based. The identity of the buyer has not been disclosed.
“By leveraging our strong relationships with the lending community, Eastern Union has been able to secure excellent leverage for this client,” said Mr. Mueller. “These two properties were held by their previous owners for 29 years.”
About the Eastern Union
Founded in 2001, Eastern Union is a leading national commercial real estate firm providing real estate brokerage services as well as capital markets advisory services. It employs over 90 real estate professionals and closes at a rate 4 billion dollars in transactions annually. Eastern Union leverages its relationships with lenders and its market knowledge to secure the best rates and terms available.
Headquartered in New YorkEastern Union secures financing for transactions of all sizes via United State. Transactions, which can include multi-country and multi-location portfolios, include conventional commercial mortgages, structured debt, healthcare, hospitality, mobile home parks, single-family rentals, investment sales, and – are jointly handled with the firm’s subsidiary Eastern Equity Advisors. – Subscription of shares.
For more information, visit www.easternunion.com.
SOURCE Eastern Union