Eastern Union Arranges $48M Acquisition Loan for Optimist Lofts in Atlanta
ATLANTA — Eastern Union has arranged a $48 million bridge loan for the acquisition of Optimist Lofts, a 212-unit multifamily property situated at 2115 Piedmont Road NE in Atlanta’s Midtown district. The two-year, interest-only loan carries an interest rate underwritten at SOFR (secured overnight financing rate) plus 345 basis points, and features three one-year extension options. Completed in 2008, the property consists of 203 conventional units and nine “live/work” units housed in four three- and four-story buildings. The property also includes six ground-floor retail spaces totaling 8,026 square feet. The unidentified borrower and property owner is planning to undertake a multimillion-dollar capital expenditure initiative for improvements to approximately half of the units, as well as various exterior and common area renovations and site upgrades.