September 13, 2024 (original publish date*) – MONTICELLOAM, LLC (f/k/a Greystone Monticello LLC), a bridge lending platform providing comprehensive capital solutions for the multifamily and senior housing sectors, closed two bridge loans totaling $40.3 million for two apartment complexes in Las Vegas, NV.
The purpose of both bridge loans is to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential sale or permanent financing.
MonticelloAM’s Senior Managing Director, Darryl Myrose, originated these loans through the firm’s Bridge platform.
“Despite challenging market conditions, we are thrilled to have provided a short term, cash-neutral financing solution to a leading sponsor allowing time to execute the full business plan,” adds Mr. Myrose.
The transactions, totaling 262 units, expand MonticelloAM’s multifamily financing footprint in the market.
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.
*This article was originally published on September 13, 2024, 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.