Cronheim Mortgage Secures $18.3M Construction Loan For Las Vilitas Multifamily Project In Edinburg, Texas

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.