NEW YORK, NY - MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, provided a senior bridge loan for a multifamily community in Exton, Pennsylvania. MonticelloAM Managing Director Chris Hetzel originated the financing.
The interest-only, floating-rate loan carries a 24-month term with multiple extension options. The purpose of the bridge loan is for the Sponsor, Cornerstone Tracy, to recapitalize the existing debt on the property.
“The MonticelloAM team leveraged our local market knowledge to tailor a financing option that met Cornerstone Tracy’s needs. Along with the Newmark Philadelphia team, they provided an exceptional partnership experience, and we look forward to seeing the business plan through for this Class-A asset,” said Mr. Hetzel.
Completed in 2024, Summerhill Apartments is a Class-A, 220-unit property located near northwest Philadelphia. Amenities include a 7,700-sf clubhouse, outdoor pool with a sundeck, golf and multi-sport simulator lounge, co-working area, and electric vehicle charging stations.
“Summerhill is truly a one-of-a-kind deal. We could not be more excited to transact with both teams to set up the bridge financing. The Cornerstone Tracy team did a phenomenal job with the property, and we expect it to be a successful project for them. The Newmark Philadelphia team did an outstanding job managing the transaction for all involved which led to a very smooth deal overall,” remarks Eric Baum, head of the MonticelloAM Multifamily Bridge Lending team.
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.