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MonticelloAM Provides Senior Bridge Loan for MF in Pennsylvania
MonticelloAM has provided a senior bridge loan for a multifamily community in Exton, Pennsylvania.
MonticelloAM Managing Director Chris Hetzel originated the financing. “The MonticelloAM team leveraged our local market knowledge to tailor a financing option that met Cornerstone Tracy’s needs,” said Hetzel. “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.”
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.
Completed in 2024, Summerhill Apartments is a Class-A, 220-unit property located near northwest Philadelphia. “We could not be more excited to transact with both teams to set up the bridge financing,” added Eric Baum, head of MonticelloAM’s multifamily bridge lending team. “The Cornerstone Tracy team did a phenomenal job with the property, and we expect it to be a successful project for them.”
