ARCADIA, Mich.–Four credit unions here have partnered to underwrite the purchase and renovation of the Pleasant Valley Resort.
Element 22 Commercial Group and multiple credit unions based out of Northern Michigan have collaborated to fund the purchase and renovation of the Pleasant Valley Resort.
The 1.5-acre resort includes a six-unit motel, four cabins, a three-bedroom house and a new “barndominium.”
According to the CUSO Element 22 Commercial Group, the borrower will be adding a pickleball court and putting/chipping green, in addition to an assortment of other new amenities that will surely appeal to future guests.
The loan participants include Filer Credit Union as the lead Lender, along with TBA Credit Union, Traverse Catholic Federal Credit Union, and Forest Area Federal Credit Union. This $1.24 Million loan will be serviced by Element 22 Commercial Group, which serves as a commercial lending arm for credit unions and banks.
‘Ongoing Commitment’
“We’re proud to support the continued growth and vitality of the local business community through this commercial loan partnership. This deal represents our ongoing commitment to investing in local businesses that drive economic development and create lasting value for the area. Individuals like Jamie and Jason are established business owners that know what it takes to thrive in communities like ours. We are fortunate they are investing in our community, and we are happy to be a part of it!” comments Kyle Gurzynski, CEO of Filer Credit Union.
‘What It’s All About’
“We are so happy to be a part of this shared transaction. Often smaller credit unions or community banks do not have access to larger transactions which have an impact on their communities,” Kenneth Leonard, Co-founder & CEO of Element 22 Commercial Group, said in a statement. “The ability for us to facilitate these interactions and gather so many different financial institutions together to make this happen is what Element 22 Commercial Group is all about.”
Element 22 Commercial Group reported it underwrote, coordinated due diligence, created closing documents, and aggregated participants on the project, which is set to open this month.
