Alostar provided a $16.76 million loan to Elmington Capital Group, a Nashville-based commercial real estate firm. The loan will be used to facilitate the acquisition of a multifamily apartment property in Alabama.
ATLANTA, Jan. 25, 2016 – AloStar provided a $16.76 million loan to Elmington Capital Group, a Nashville-based commercial real estate investment and development firm. The loan was made to facilitate the acquisition of The Cliffs at Rocky Ridge, a 323-unit multifamily garden apartment property in Hoover, Ala.
“AloStar is always looking to find partners who are eager to carefully develop and manage commercial real estate properties. Elmington is certainly one of those companies, and we look forward to working with them into the future,” said David Hudson, Managing Director of AloStar Real Estate Finance.
Elmington Capital Group owns, develops and operates a diverse portfolio of properties.
AloStar offers needed capital and counsel to business leaders across America who are creating their own success story. Businesses, community banks and individuals come to AloStar for correspondent services, personal banking and capital requirements between $5 million and $20 million. AloStar provides capital solutions through AloStar Business Credit, AloStar Lender Finance and AloStar Real Estate Finance. For more information, visit www.AloStarBank.com.