New York, NY, January 7, 2025 – MONTICELLOAM, LLC (“MonticelloAM”), a specialized multifamily and seniors housing bridge lending platform, closed $23,600,000 in bridge financing for a 167-unit multifamily property in Plano, Texas.
The financing was originated by Chris Hetzel, Managing Director at MonticelloAM, and carries an initial 24-month term with multiple extension options for the Sponsor, Reap Capital.
“We could not be happier to establish a relationship with an active, professional sponsor in the market. With several moving pieces, MonticelloAM was able to structure a debt solution that worked for the ownership and the property,” said Mr. Hetzel.
Reap Capital plans to use the loan proceeds for the acquisition and renovation of The Calvin, a garden-style community with amenities including a swimming pool, fitness center, business center, and dog park.
“We are excited to have closed this transaction with the Reap and Northmarq teams. The Reap team did an outstanding job identifying a well-located asset and will apply a value-add program designed to increase the asset’s position in the market. The Northmarq Dallas team of Kevin Leamy and Lauren Bresky did a terrific job of managing the transaction and partnering with all organizations through the successful closing of the loan,” stated Eric Baum, head of the MonticelloAM Multifamily Bridge Lending team.
About MONTICELLOAM, LLC
MONTICELLOAM, LLC (“MonticelloAM”) is a specialized multifamily and seniors housing lending platform with expertise in executing bridge loans and managing credit risk. MonticelloAM offers bridge, working capital and permanent financing options to properties across the U.S. The firm was founded in October 2014 by Alan Litt, Thomas Lally and Jonathan Litt, who each have over 35 years of industry experience as lenders, investors, developers, and owner-operators.
This transaction was originated by an affiliate of MonticelloAM, formerly known as Greystone Monticello LLC.