Challenge: Secure large-scale construction financing as quickly as possible so that the project could move forward
Solution: Alpen Mortgage helped fund the project within a few months of the request
Loan Amount: $17,000,000
Loan Type: Construction
Term: 30 Months
As the Reno/Sparks community continues to grow at a rapid pace, building new communities is crucial to keeping up with the demand for housing. A project such as 5 Ridges, by local developer Blake Smith of S3 Development, can go a long way in helping to meet this demand. The community will feature over 1,200 single family homes and 126 townhomes, connected with a trail system. It will be the “little brother” to S3 Development’s Somersett community, which was completed in 2008. It will also be one of the last master planned communities within the Reno/Sparks valley floor.
Blake Smith and Alpen Mortgage have partnered on many projects in and around Reno, and when it came time to finance the construction of such a large project, 5 Ridges was no exception. The challenge was in securing the financing so that the long and complex construction process could get underway. S3 contacted Alpen in late 2020, and we secured $17,000,000 in construction financing quickly and efficiently, helping them break ground on the project in February of 2021.
Alpen Mortgage is proud to work with Blake Smith and S3 Development. For several years he and his team have been a huge asset to the Northern Nevada Community, and have provided housing for thousands of Reno residents.