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, located at 6080 Lakeview Road, is a Class-A apartment community in the affluent Warner Robins community near Macon and approximately 100 miles south of Atlanta. The property, built in 2007, comprises one- to three-bedroom rental apartments averaging 1,215 square feet and offers resort-style amenities like sunrooms, a designer clubhouse, movie theater, sauna, two pools and detached garages. The property offers easy access to Robins Air Force Base, Russell Parkway, Interstate 75 and U.S. Routes 41 and 129.
“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.
About Eastern Union Funding
Founded in 2001, Eastern Union Funding is the country's second most active commercial mortgage company, on a transaction volume basis, and one of the top 50 fastest growing companies in NYC as reported by Crain's New York Businessthe past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union closes an average of $3 billion annually nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more information, visit www.easternuc.com.
