Inland Mortgage Capital originated and closed an $18.3 million non-recourse bridge loan for a multifamily property in Evans, Colorado.
The 192-unit property, built in 2007, is three miles from downtown Greeley, Colorado, one mile from the Greeley Mall and two miles from the University of Northern Colorado campus. It primarily serves as a student housing community.
The borrower plans to use the capital for interior and exterior renovations, including upgraded flooring, cabinets and appliances in each unit. All common area amenities are planned to be updated and will feature a new clubhouse, resort-style pool, pickleball court, a 24-hour fitness center, an outdoor gaming area, two dog parks and a pet spa. Upon closing, the property was 86 percent leased.
IMC is a private lender that provides non-recourse financing for commercial real estate nationwide. It concentrates on projects with loan sizes from $5 to $20 million.
