Cronheim Mortgage, a New Jersey-based company providing debt and equity capital nationwide for investment grade real estate since 1897, has arranged an $18.3 million construction loan for Las Vilitas – a 200-unit multifamily project located in the Rio Grande Valley city of Edinburg. An undisclosed regional bank provided the loan which was structured with three years of interest-only payments followed by a 12 year term. The sponsor is McAllen based developer Verturo Interests and David Poncia led the transaction on behalf of Cronheim Mortgage.
Edinburg is home to The University of Texas, Rio Grande Valley and boasts 75,000 people as residents within its town limits; making it an ideal location for Verturo Interests’ industrial, commercial and multifamily projects development endeavors.
