[[{“value”:”
Inland Mortgage Capital recently facilitated an $18.3 million non-recourse bridge loan for a multifamily property located in Evans, Colorado. The 192-unit complex, constructed in 2007, is conveniently situated just three miles from downtown Greeley and one mile from the Greeley Mall. Additionally, it is only two miles away from the University of Northern Colorado campus and primarily caters to students.
The borrower intends to utilize the funds for both interior and exterior renovations which include upgraded flooring, cabinets and appliances in each unit. Plans are also underway to update all common areas with a new clubhouse, resort-style pool area, pickleball court as well as a 24-hour fitness center. Outdoor amenities will feature an outdoor gaming area along with two dog parks and a pet spa facility.
At the time of closing on this loan transaction,the property was already leased at an impressive rate of 86 percent occupancy.The private lender IMC specializes in providing non-recourse financing options for commercial real estate projects across various locations nationwide.Its focus lies on loans ranging between $5 million to $20 million.
“}]]
