Thrive Obtains $32M Financing for Heber City Rental Community

Thrive Development obtained a $32 million bridge loan for The Springs at Coyote Ridge, a 93-unit townhome-style multifamily development in Heber City, Utah. MonticelloAM originated the loan. The purpose of the bridge loan is to refinance the property, allowing time to complete lease-up and increase rents to qualify for permanent financing. The floating-rate bridge loan includes a 24-month initial term with extensions and full-term interest only. 

MonticelloAM’s JB Bowers added, “Thrive Development has done an amazing job with the development and initial lease-up of The Springs at Coyote Ridge. At MonticelloAM, we were thrilled NorthMarq provided us an opportunity to partner with Thrive on a short-term, non-recourse solution while the sponsor finalizes remaining leasing and stabilization.” 

Rents at The Springs at Coyote Ridge range from just under $3,000 for a three-bedroom unit to $3,900 a month for a five-bedroom townhome. Amenities include a fitness center and two-car garages.