MonticelloAM, a real estate investment firm, has successfully secured $23 million in bridge financing for the acquisition of The Calvin, a 167-unit multifamily property located in Plano, Texas. The loan was arranged by MonticelloAM’s Chris Hetzel and offers an initial term of 24 months with the option for multiple extensions. Reap Capital is the sponsor for this project.
Reap Capital plans to utilize the funds from this loan to purchase and renovate The Calvin. This garden-style community boasts various amenities such as a swimming pool, fitness center, business center and dog park.
According to its website, Reap Capital is focused on generating high internal rates of return (IRR) through value-add strategies as it operates vertically integrated operations. By acquiring underperforming assets and implementing renovations or upgrades that improve functionality or reposition them in their respective markets; they aim to increase revenue streams. Since 2018 alone,the company has completed 19 transactions successfully.
Connect CRE reports that MonticelloAM Secures Financing for Acquisition & Renovation of Plano Apartments
Real estate investment firm MonticelloAM announced today that it has closed on $23 million in bridge financing for its latest project: acquiring and renovating The Calvin apartments located in Plano,Texas.The funding was facilitated by Chris Hetzel at Monticello AM,and comes with an initial term period of two years along with optionsfor further extensions.ReapCapital will serve as sponsorforthis venture.
The proceeds fromthe loan will be usedby ReapCapitalto acquireand upgradeTheCalvin,a charming garden-style community offering residents access to top-notch amenities likea swimming pool,fitness center,businesscenter,anddogpark.This strategic move aligns perfectlywithReaps’ mission statementof beingan IRR-driven,value-add operator.With over19 successful transactions since2018,the company prides itselfonits abilityto revitalizeunderperforming properties and boost their revenue by implementing renovations,upgrades,and repositioning strategies.
