July 19, 2023 (original publish date*) – MONTICELLOAM, LLC and its affiliates (f/k/a Greystone Monticello LLC), a bridge lending platform intended to serve as a one-stop shop provider of capital finance products and services for the senior housing, healthcare and multifamily sectors, announced the closing of a $23 million bridge loan for the acquisition of a 176-unit multifamily property in Bedford, Texas. The financing was originated by Lance Wright on behalf of Rise48 Equity, with Dustin Dulin of JLL acting as correspondent on the transaction.
Rebranded as Rise Oak Creek upon acquisition, the acquired property comprises one- and two-bedroom units spread across 14 low-rise buildings on just over 8 acres. The property, which includes a resort-style pool, outdoor grilling areas and kitchen, clubhouse and business center, is conveniently located between Dallas and Fort Worth with easy access to Highway 183.
This 3-year bridge financing continues MonticelloAM’s commitment to providing debt and liquidity to the multifamily market during a time of continued volatility.
About MONTICELLOAM, LLC
MONTICELLOAM, LLC and its affiliates (collectively, “MonticelloAM”) is a specialized multifamily and seniors housing lending platform with expertise in providing 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.
To learn more visit www.monticelloam.com.
*This article was originally published on July 19, 2023, when this transaction was completed by a joint-venture partnership between MonticelloAM and a third-party entity. The joint-venture partnership ended effective October 1, 2024.