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September 30, 2021
Columbia Pacific Advisors Bridge Lending announced its recent provision of a $66 million bridge loan to an Indiana firm that purchased a 739-unit garden apartment complex in South Bend. H&A Properties was the buyer for the Prosper Apartments, which spans 47 acres with 28 buildings and various amenities. Columbia Pacific's Will Nelson said in a statement, “An opportunity like this is rare in today's highly-competitive housing market, as quality rental properties with significant upsides are in short supply. The Prosper Apartments is a unique value proposition to anyone in the South Bend area.” H&A will use the funds to upgrade the property, and its Avromi Klor said, “We have had our eye on this property for some time, and we are fortunate to partner with the Columbia Pacific Advisors team.” The complex is 99% leased.