Challenge: The need to consolidate debt before obtaining construction financing
Solution: Alpen Mortgage helped consolidate and refinance three separate loans into one
Loan Amount: $11,325,000
Loan Type: Bridge Land Refinance
Term: 24 Months
The recently announced construction of a Kimpton luxury hotel in the Reno downtown area is the cornerstone of CAI Investments plans for revitalization of the city. CAI owns 5 adjacent parcels on the Truckee River Walk, and is planning a major addition to the Reno skyline by building a 20 story, upscale Kimpton brand hotel. The groundbreaking has already taken place, and they are targeting January 2025 as the opening date.
Before any shovel could be put in the ground, however, CAI Investments came to Alpen Mortgage in the fall of 2021 seeking a bridge loan. They needed to refinance and consolidate debt on 3 separate loans in order to obtain full construction financing. Through our private lending network, Alpen was able to quickly refinance their debt into a new loan totaling just over $11M .
As part of our financing relationship, Alpen was able to help CAI speed along their development process, which faced several challenges along the way. CAI now expects to have all final permits approved by early June 2022.
Read more about the development, and the groundbreaking ceremony.