Latest Transaction


Location

Normal, IL

Property Type

Multifamily

Loan Type

Refinance

Loan Program

Short-Term Bridge Loan

Amount

$9,500,000

Need:

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.

Solution:

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.

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