Fully Capitalized Bridge Lender Provides Funding to Acquire 47-Acre Property
Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, today announced it has provided a $66 million bridge loan to fund the acquisition of Prosper Apartments, a 739-unit garden style apartment community located at 3001 East Jefferson Boulevard, South Bend, Indiana.
In addition to the 28 buildings on the property amounting to 634,246 rentable square feet, the Prosper Apartments community is home to entertainment amenities such as a theater room, fitness center, indoor pool, and billiards room. The 47-acre site also features a playground, dog park, and a community room. H&A Properties, a multi-family property management firm headquartered in Indiana, is seeking acquisition of the site.
“An opportunity like this is rare in today’s highly-competitive housing market, as quality rental properties with significant upsides are in short supply,” said Will Nelson, Director of Real Estate Lending at Columbia Pacific Advisors. “Fully renovated units offering on-site entertainment amenities and outdoor community space, the Prosper Apartments is a unique value proposition to anyone in the South Bend area.”
H&A Properties currently boasts a portfolio of eight apartment properties throughout Indiana and Illinois, including another site located in South Bend. A portion of the loan provided by Columbia Pacific Advisors will be utilized for capital improvements.
“We have had our eye on this property for some time, and we are fortunate to partner with the Columbia Pacific Advisors team on this project,” said Avromi Klor, Co-Owner of H&A Properties. “We are no strangers to the South Bend area and believe we can capitalize on the current market to maximize the property’s potential.”
Like many markets across the country, South Bend, Indiana is a high-demand market seeing limited vacancies and record pricing. Currently, 99% of available units at Prosper Apartments are leased.
ABOUT COLUMBIA PACIFIC ADVISORS
Columbia Pacific Advisors (CPA) manages strategies in real estate investing, real estate lending and opportunistic investment. Columbia Pacific Advisors Bridge Lending, serves commercial real estate clients nationwide. A fully capitalized real estate bridge lender, the platform provides short- to intermediate-term loans ranging from $10 million to $100 million on a range of income producing properties including multifamily, seniors housing, affordable housing, hospitality, and self-storage.
For more information, visit www.columbiapacific.com.
ABOUT H&A PROPERTIES
H&A is a national real estate investment, management, and development firm. Founded in 2017, the company has since formed a rich network of properties and investors. The dedicated H&A team is always looking for the next opportunity. H&A’s overarching purpose is to improve and serve the communities where they invest. For every property transformed or managed, the firm seeks to maximize the value to residents, investors, and the surrounding community. Discovering and maximizing the unique value of each property offers the best path to succeed and continuously serve all of H&A’s partners. For more information, visit www.haproperties.co.
