TUCSON, Arizona -- Churchill Commercial Capital has arranged a $19,368,000 Bridge loan for the Gateway at Tucson Apartments, an apartment community which is being converted from 188 units of student housing to approximately 273 units of conventional multi-family rental housing .
Cynthia Hammond and Bill Tong placed the loan for HolualoaGateway, LLC, who acquired this property at auction last fall. Holualoawill be converting four bedroom units into one and two bedroom apartments, and will be investing capital to upgrade the aesthetics and operating efficiency of the apartment property. The non-recourse loan was funded by an established bridge lender and featured future funding of 100% of capital improvements, as well as interest and operating reserves.
Churchill Commercial Capital is a commercial mortgage banking company established in 1994 who has closed over $3.1 billion in loans. Churchill originates and services loans for its correspondent life insurance companies, and arranges debt and equity investments for owners of commercial and multifamily properties.
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