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Texas  + State of Texas  + Apartments  |  June 27, 2023
Edinburg to get 200-unit rental community
Mike Boyd
By: Mike Boyd

Rio Grande Valley Developer Building 200 Rental Units

New Jersey-based Cronheim Mortgage has arranged an $18.3 million construction loan for Las Vilitas, a 200-unit multifamily project that will be located in the Rio Grande Valley city of Edinburg. An undisclosed regional bank provided the loan, which was structured with three years of interest-only payments followed by a 12-year term. The sponsor is locally based developer Verturo Interests. David Poncia led the transaction for Cronheim Mortgage.

The company says it has been providing debt and equity capital nationwide for investment grade real estate since 1897. Edinburg, a town of 75,000 people, is home to The University of Texas, Rio Grande Valley. Verturo Interests is a McAllen based developer of industrial, commercial and multifamily projects.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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