MonticelloAM Provides $32M Bridge Loan for Utah Community
Thrive Development is the owner of the upscale property.
MonticelloAM LLC has provided a $32 million floating-rate senior bridge loan for Springs at Coyote Ridge, a 93-unit community in Heber City, Utah. Thrive Development owns the property.
MonticelloAM Director JB Bowers arranged the note and originated financing. Thrive Development intends to refinance the bridge loan on Springs at Coyote Ridge after finishing the lease-up process and qualifying for permanent financing. The current funding has a 24-month initial term with the possibility of extensions and is interest-only for the full term.
Springs at Coyote Ridge is a luxury community managed by Lift Residential, with three- to five-bedroom townhouse layouts. On-site amenities include a fitness center, yoga room, clubhouse, on-site manager and maintenance, as well as outdoor greenery and a dog wash station.
Located at 212 E. 1720 N., the property is just off Victory Highway, which connects Heber City to Salt Lake City, some 40 miles northwest. Along this highway, there are several retail stores and service providers, as well as a Walmart Supercenter within 3 miles of the property.
