Eastern Union Funding Arranges $30.3M Acquisition Loan for Class-A Georgia Apartment Complex
Wednesday, September 14, 2016
Eastern Union Funding has arranged a $30.3 million acquisition loan for the purchase of Amber Place, a 392-unit multifamily apartment building in Warner Robins, Ga. The borrower is CiTYR Group, an Israeli-based property investor with offices in London and New Jersey.
Eastern senior managing director Michael Muller, who serves as exclusive loan consultant to the borrower, placed the 12-year, fixed-rate loan with Arbor Commercial Mortgage. The loan features three years’ of interest-only payments, followed by a 30-year amortization.
“CiTYR is in aggressive acquisition mode, with plans to expand its multifamily portfolio by 5,000 units within the next year,” said CiTYR’s managing partner, Michael Sabo. “This is the 10th loan that Eastern Union Funding has arranged on behalf of our company during this growth period, and thanks to Michael’s deep relationships within the lending community, we have always received the market’s most competitive terms for our acquisition financing.”
“Amber Place demonstrates all of the qualities lenders are looking for in a multifamily apartment acquisition,” explained Muller. “When Eastern Union Funding brought this opportunity to the lending community, it generated unprecedented interest, particularly among the agency lenders. We look forward to serving CiTYR as it continues to grow its multifamily platform.”
CiTYR currently owns 4,200 multifamily units across the United States, focusing on properties that specifically target families.