Gelt Financial, a leading commercial real estate direct lender, announced the closing of a $3MM first mortgage on a 152-unit multifamily community called Crown Pointe Apartments in Columbus, Ohio.
The company provided a two-year loan on the non-stabilized property, which is in the latter stages of a complete repositioning. The loan proceeds will go toward the completion of needed property improvements and allow the borrower time to season the property.
“Gelt Financial is uniquely positioned to support lending transactions in the $1MM-$5MM range,” said Noah Miller, Vice President of Gelt Financial. “We pride ourselves on our nimble business model and ability to close loans for borrowers in tight timeframes.”
As part of the company’s robust growth strategy, the company plans to close an additional $15MM in non-stabilized property loans by the end of 2020.