CHICAGO– Alliant Credit Union is reporting it closed the first quarter with some very strong numbers in commercial real estate (CRE) and lending, providing term financing solutions on stabilized properties across multiple asset classes nationwide.
In addition, it said its CRE team continued to provide back leverage to debt funds involved in supplying developers with bridge and construction financing.
The $19.5-billion Alliant Credit Union said it closed the largest note-on-note construction loan in its history with Trez Capital, secured by a $58 million commitment, as well as a note-on-note loan to the Lightstone Group on an apartment complex nearing completion. Overall, Alliant Credit Union said it successfully closed eight transactions nationwide, totaling $133 million in commitments in the first quarter.
“These deals reflect Alliant’s strategic focus on financing high-quality properties and partnering with experienced borrowers and lenders to navigate an evolving market,” the credit union said in a statement.
Q1 Transactions
Other Q1 transactions included:
- Chicago Industrial Property – $16.1 million. “A refinancing of a multi-tenant industrial building, which allows the sponsors to have flexibility to sell the asset after their hold period in a few years.”
- Tallahassee Student Housing – $15.5 million. “A refinance of a student housing asset, which allowed for an interest-only period with flexible exit options.”
- Southern California Multifamily– $12.32 million. “A note-on-note loan to a national bridge lender where the underlying loan provided for the completion and lease-up of a multifamily property in San Diego.”
- South Florida Multifamily – $12.2 million. “A refinance of a multifamily property in Fort Lauderdale allowed the sponsor to convert large footprint units by adding additional bedrooms.”
- Poughkeepsie, N.Y. Multifamily – $11.04 million. “ A note-on-note loan to a Northeast-focused lender allowing for the renovation and lease-up of a multifamily property.”
‘Deep & Expansive’
“Alliant’s commercial real estate expertise is both deep and expansive. We have demonstrated the ability to offer creative financing solutions time and time again and appreciate the trust the industry has placed in us,” said EVP Charles Krawitz said in a statement.
