FINANCED
Cronheim Mortgage Secures $18.3M Construction Loan For Las Vilitas Multifamily Project In Edinburg, Texas
Cronheim Mortgage brokers loan for $18,300,000 in Edinburg
Development Site
Financed 313 days ago
Summary
Loan
MICHIGAN
Development Site
Local developer Verturo Interests has secured an $18.3 million construction loan from a regional bank for the 200-unit Las Vilitas multifamily project in Edinburg, Texas. The loan, provided by Cronheim Mortgage, will support the development of the project, which is a development site located in the Edinburg market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $18,300,000
- Loan Type: Construction Loan
- Loan Terms: three years of interest-only payments followed by a 12-year term
The loan was secured by David Poncia of Cronheim Mortgage, who represented Verturo Interests in the deal. The loan terms include three years of interest-only payments, followed by a 12-year term for repayment.
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Details
FINANCED
IMAGE: David Poncia
DATE: 06/27/2023
MARKET: Edinburg
ASSET TYPE: Development Site
BROKER: David Poncia - Cronheim Mortgage (@Cronheim_Mortgage)
LOAN AMOUNT: $18,300,000
LOAN TYPE: Construction Loan
LOAN TERMS: three years of interest-only payments followed by a 12-year term
NOTE: Cronheim Mortgage secured an $18.3 million construction loan from a regional bank for the 200-unit Las Vilitas multifamily project in Edinburg, Texas. Local developer Verturo Interests leads the project, which offers three years of interest-only payments followed by a 12-year term.View on map
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