Alliant Credit Union Secures Record Construction Loan in Arizona Development
Alliant Credit Union Secures Record Construction Loan in Arizona Development
Alliant Credit Union has made headlines by closing its largest note-on-note financing deal to date, contributing a massive $37.96 million towards a significant construction project in Avondale, Arizona. This notable development involves a 268-unit multifamily rental community in a rapidly growing suburb situated in the Phoenix metropolitan area. The entire project was initiated by Trez Capital, a leading firm in North America that specializes in commercial real estate investments.
The financial backing from Alliant Credit Union contributes to a much broader $58.4 million facility arranged by Trez Capital. This transaction is a momentous step in Alliant’s lending history, marking the credit union's commitment to supporting not just real estate development but also the economic growth of future communities. This event signifies a key partnership between Alliant and Trez Capital, which has previously executed 20 loans totaling over $300 million.
Executive Vice President of Alliant, Charles Krawitz, emphasized the importance of cultivating relationships with various debt and private capital sources. These connections enable Alliant to leverage the expertise of its partners in different property types and geographic areas. Krawitz stated, "We appreciate the trust put in Alliant and the ability to help finance varied properties, all of which contribute to the economic growth of their respective markets."
The collaboration with Trez Capital isn't new; it began in 2018 and has proven to be mutually beneficial. Trez Capital's Senior Managing Director, Brody Toigo, highlighted how this latest transaction both marks a milestone for Alliant and supports the burgeoning economy in one of Arizona's fastest growing regions. This partnership aims to bring transformative projects to life using a deep understanding of local market dynamics.
Alliant continues to assert itself as a notable provider of note-on-note capital to private bridge and construction lenders across the United States. With over $1.2 billion in commitments made through more than 15 such partnerships, Alliant has tapped into an area of lending that requires specialized knowledge and teamwork. These relationships, particularly the one with Trez Capital, play a crucial role in the effectiveness of their note-on-note financing.
About Alliant Credit Union
Alliant Credit Union is recognized as a prominent digital financial institution, boasting over 900,000 members and assets totaling approximately $20 billion. With a mission centered on innovation and transforming traditional banking models, Alliant continues to deliver competitive products and rates. Established in 1935 and headquartered in Chicago, Alliant has been awarded as one of the top credit unions in the country, earning accolades from reputable publications such as CNBC and Forbes.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm providing both debt and equity solutions for commercial real estate in North America. The firm serves a diverse client base from private to institutional investors, offering strategies for a variety of secured mortgage funds and real estate joint ventures. With over $5.7 billion CAD in assets under management and more than 1,800 transactions worth over $20.5 billion CAD executed, Trez Capital continues to play a leading role in the real estate finance sector.