LFB was engaged by a new client to arrange financing for phase 1 of a 288-unit multifamily development in Kalispell, MT. At time of financing, the project was fully entitled, and ready to commence construction.

The multifamily project covers 13.7 acres of the total 85-acre master planned community. The project will be developed in three phases, each being 96 units. The loan secured by LFB covers construction for the first 96 units, along with the clubhouse and community amenities.

From a leverage standpoint, LFB was able to secure 78% LTC, non-recourse debt. Additionally, LFB was able to negotiate a commitment for the remaining 2 phases, where construction can commence for subsequent phases while previous phases are in lease up.

LFB is actively working with this client on several projects in Montana and Idaho.