MONTICELLOAM, LLC Closes $64 Million in Financing for Multifamily Property in Los Angeles County
NEW YORK, NY, UNITED STATES, November 19, 2024 /EINPresswire.com/ -- MONTICELLOAM, LLC (“MonticelloAM”), a specialized multifamily and seniors housing bridge lending platform, closed a $64,000,000 floating-rate senior bridge loan for a 208-unit multifamily community. The financing was originated by Chris Hetzel, a Managing Director at MonticelloAM.
The loan carries a 24-month primary term with extensions at a floating rate and full-term interest only. Proceeds from the $64,000,000 bridge loan are being used by the borrower to refinance the existing construction loan.
“MonticelloAM was able to leverage our expertise to provide a short-term financing solution to a sophisticated sponsor on a Class-A asset with a complex history. We were thrilled to tailor a bridge loan to the client, allowing them time to execute on their full business plan,” said Mr. Hetzel.
“We are excited to close on this transaction given the institutional sponsorship and asset’s intrinsically strong location. MonticelloAM customized a creative loan strategy for the sponsorship, allowing them to achieve their goals, and we look forward to building a strong relationship with the client as they continue towards long-term success,” remarks Eric Baum, head of the MonticelloAM Multifamily Bridge Lending team.
Anthony Sorrentino
MONTICELLOAM, LLC
+1 646-314-4319
email us here
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