Inland Mortgage Capital, LLC, a private lender specializing in intermediate-term mortgages for value-add commercial real estate and selective new construction, has originated and closed an $18,300,000 non-recourse bridge loan for The Grand at Riverside, a multifamily property in Evans, Colorado.
The 192-unit property is ideally located three miles from downtown Greeley, one mile from the Greeley Mall and two miles from the University of Northern Colorado campus. The property currently primarily serves as a student housing community.
The borrower, Asset Living, a Texas-based property management company, plans to use the capital for interior and exterior renovations, including upgraded flooring, cabinets, and appliances in each unit. All common area amenities are planned to be updated and will feature a new clubhouse, resort-style pool, pickleball court, 24-hour fitness center, outdoor gaming area, two dog parks, and a pet spa.
“We were pleased to provide a quick closing on this bridge loan for the borrower – just under 40 days from execution of the loan application,” commented Art Rendak, president of Inland Mortgage Capital, LLC. “We felt confident in financing the property due to the borrower’s deep expertise in off-campus student housing redevelopments and their compelling business plan to bring a highly amenitized multifamily community to the fast-growing Greeley market.”
Upon closing, the property was 86 percent leased.
IMC is a private lender that provides non-recourse 1 financing for commercial real estate nationwide 2, concentrating on projects with loan sizes from $5 to $20 million.
