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Short-Term Bridge Loan in Normal, IL

The borrowers were anxious to begin the next phase of the multifamily development as minimal new supply and increasing demand allowed for a quicker than anticipated lease-up of Phase I.  VCREF's non-recourse loan provided funds for the borrower to payoff their recourse construction loan, and provided the cash out equity needed for Phase II of the development.

  • Location: Normal, IL
  • Property Type: Multifamily
  • Loan Type: Refinance
  • Loan Program: Short-Term Bridge Loan
  • Amount: $9,500,000

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