Thrive Development has secured a $32 million bridge loan for The Springs at Coyote Ridge, a 93-unit townhome-style multifamily development located in Heber City, Utah. The loan was originated by MonticelloAM and will be used to refinance the property while allowing time for lease-up and rent increases before securing permanent financing. This floating-rate bridge loan has an initial term of 24 months with options for extensions and full-term interest only.
According to JB Bowers of MonticelloAM, “Thrive Development has done an exceptional job with the development and initial lease-up of The Springs at Coyote Ridge.” He also expressed excitement about partnering with Thrive on this short-term, non-recourse solution while they finalize remaining leasing efforts.
The rental community offers units ranging from three-bedroom apartments priced just under $3,000 per month to five-bedroom townhomes priced at $3,900 per month. Amenities include a fitness center and two-car garages.
This successful financing deal is another example of Thrive’s expertise in developing high-quality multifamily properties that meet market demand.
