MonticelloAM, a leading financial institution, has recently announced that they have provided a senior bridge loan for a multifamily community located in Exton, Pennsylvania.
The financing was originated by MonticelloAM’s Managing Director Chris Hetzel. According to Hetzel, the team at MonticelloAM used their extensive knowledge of the local market to create a customized financing solution that met the needs of Cornerstone Tracy. He also mentioned that working with Newmark Philadelphia was an exceptional partnership experience and they are excited to see this Class-A asset through.
The loan is interest-only and carries a floating-rate with an initial term of 24 months and multiple extension options. The purpose of this bridge loan is for Cornerstone Tracy, the sponsor of the project, to recapitalize their existing debt on the property.
Summerhill Apartments is a Class-A property completed in 2024 and consists of 220 units. It is situated near northwest Philadelphia. Eric Baum, head of MonticelloAM’s multifamily bridge lending team expressed his excitement about working with both teams on this transaction saying “We could not be more excited to transact with both teams.” He also added that he expects it to be another successful project for Cornerstone Tracy due to their phenomenal work on this property.
