PlattPointe Capital, a boutique commercial real estate capital advisory firm, recently closed a $4,500,000 horizontal lot construction loan for the development of 162 residential lots in Pueblo, CO. The name of the borrower was not disclosed. This is the first of multiple phases in a project that will eventually span over 1,060 acres and consist of around 4,850 residential units.

PlattPointe was able to arrange the loan with a local group that allowed the sponsor to close without bringing any additional cash to the table. The structure was also created in such a way that interest will only be accrued on the amount that has been drawn, ultimately saving the sponsor around $200,000 in phase one alone.