NEW YORK, NY - MONTICELLOAM, a specialized multifamily and seniors housing bridge lending platform, along with a firm affiliate, closed a floating-rate senior bridge loan for an apartment complex located in St. Augustine, Florida. The financing was originated by MONTICELLOAM Managing Director Chris Hetzel and was facilitated by Robert LaChapelle, Blake Cohen, and Reed McGarity of CBRE Atlanta.
“We were excited to work with an experienced sponsorship to tailor bridge financing that is aligned with their long-term goals. MONTICELLOAM is looking forward to continuing to grow our multifamily bridge platform to provide financing solutions for clients nationwide,” said Mr. Hetzel.
The floating-rate loan will be used by the Sponsor, a joint venture between Batson Cook Development Company and Ventures Development Group, towards recapitalizing the existing debt on the property.
Completed in late 2024, The Southerly at St. Augustine is a Class A, 224-unit mid-rise community located in northwest St. Augustine. The property consists of two residential buildings with amenities including a clubhouse, fitness center, coworking space, swimming pool, and game room.
Eric Baum, head of the MONTICELLOAM Multifamily Bridge Lending team, adds, “Through our bridge platform, we were proud to emphasize our commitment to provide bespoke financing for our multifamily clients to complete their business plan. It was a pleasure to work with CBRE Atlanta, Batson Cook Development Company, and Ventures Development Group for a smooth transaction.”