MONTICELLOAM, LLC Provides $23.6M in Financing for Plano Apartment Community

The Calvin, a multifamily community in Plano, Texas

Chris Hetzel, MONTICELLOAM, LLC Managing Director

Eric Baum, MONTICELLOAM, LLC Senior Managing Director

NEW YORK, NY, UNITED STATES, January 7, 2025 /EINPresswire.com/ -- MONTICELLOAM, LLC (“MonticelloAM”), a specialized multifamily and seniors housing bridge lending platform, closed $23,600,000 in bridge financing for a 167-unit multifamily property in Plano, Texas.

The financing was

originated by Chris Hetzel, Managing Director at MonticelloAM, and carries an initial 24-month term with multiple extension options for the Sponsor, Reap Capital.

“We could not be happier to establish a relationship with an active, professional sponsor in the market. With several moving pieces, MonticelloAM was able to structure a debt solution that worked for the ownership and the property,” said Mr. Hetzel.

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

“We are excited to have closed this transaction with the Reap and Northmarq teams. The Reap team did an outstanding job identifying a well-located asset and will apply a value-add program designed to increase the asset’s position in the market. The Northmarq Dallas team of Kevin Leamy and Lauren Bresky did a terrific job of managing the transaction and partnering with all organizations through the successful closing of the loan,” stated Eric Baum, head of the MonticelloAM Multifamily Bridge Lending team.