Amherst, Mass. Michael Muller, senior managing director at Eastern Union, arranged total funding of $83.8 million to support The Boulders, a 256-unit multifamily property in Amherst, and Cliffside Apartments, a 280-unit property in Sunderland, Mass. The combined number of apartments amounts to 536 units.
Muller secured a ten-year, $44.805 million mortgage for The Boulders, which was built in 1974. The interest rate is floating at a spread of 2.83% plus one-month SOFR. The financing makes it possible to pay only the interest during the first four years. The property consists entirely of market-priced two-bedroom units measuring an average size of 844 square feet. The total leasable area of the site is equivalent to 216,000 square feet.
Muller also entered into a ten-year, $39 million mortgage for Cliffside Apartments, which was built in 1976. The interest rate is floating at a spread of 2.83% plus one-month SOFR. As with The Boulders, the financing allows you to pay only the interest for the first four years. Sixty percent of the property consists of one-bedroom units, with the remainder made up of two-bedroom, three-bedroom, four-bedroom and townhouse units. The average unit size for the Cliffside site is 532 square feet and the total leasable area is 149,975 square feet. All apartments are at market price.
The combined loan-to-value ratio was 75%. Funding was provided by Newmark. The seller was Boston-based Northland. The identity of the buyer has not been disclosed.
“By leveraging our strong relationships with the lending community, Eastern Union was able to achieve excellent leverage for this client,” Muller said. “These two properties had been held by their previous owners for 29 years.”