MonticelloAM Obtains Financing for 167-Unit Plano Apartments

MONTICELLOAM (“MonticelloAM”) closed on $23 million in bridge financing for a 167-unit multifamily property in Plano, Texas.

The financing was originated by MonticelloAM’s Chris Hetzel and carries an initial 24-month term with multiple extension options for the Sponsor, Reap Capital.

Reap Capital plans to use the loan proceeds to acquire and renovate The Calvin, a garden-style community with amenities including a swimming pool, fitness center, business center, and dog park.

On its website, Reap says it is an IRR-driven, vertically integrated, value-add operator. We purchase underperforming assets and increase their revenue by renovating, upgrading, repositioning, or improving their functionality. The company has finalized 19 transactions since 2018.