On Monday, Smith Hill Capital, ECI Group and InterVest announced the launch of a private lending platform with a total value of $250 million. This platform will offer various solutions such as first mortgages, mezzanine loans and preferred equity investments for multifamily owners looking to refinance, construct new properties or make acquisitions. The target loan amounts for this platform are expected to range from $15 million to $100 million.
The lending platform was arranged by Peter Rotchford, Brett Rosenberg and Clayton Ross from JLL Capital Markets on behalf of ECI and Smith Hill. Initially focusing on deals in the Southeast U.S. and Texas regions, the strategy is set to expand into other areas within the country as it grows.
ECI CEO Seth Greenberg expressed excitement about partnering with Smith Hill and InterVest in providing institutional quality multifamily owners/operators with crucial funds through this new platform: “This expands our capabilities at ECI by allowing us not only own/manage properties but also provide tailored financial solutions in the multifamily sector.” He also mentioned that they are ready to quickly put their debt platform into action as they have already begun targeting potential deals.
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