ACRES Capital Originates $29.2M Construction Loan for Babcock Apartments in Montana

by Amy Works

BOZEMAN, MONT. — ACRES Capital Corp. has originated a $29.2 million loan to fund the construction of Babcock Apartments, a multifamily property located at 1612 and 1624 W. Babcock St. in Bozeman.

The borrower is Roundhouse Development, a fully integrated developer and operator of multifamily housing. Los Angeles-based George Smith Partners arranged the loan.

Babcock Apartments will feature 95 apartments, 105 parking spaces and 2,300 square feet of ground-floor retail space. Units will include in-unit washers/dryers, stainless steel appliances, dishwashers, wood cabinets, marble countertops and private balconies in select units. Community amenities will include a fitness center, tenant lounge, open space areas, individual storage units and on-site parking.

Jonathan Lee led the George Smith Partners team that arranged the loan, while Chris Hetzel of ACRES’ Los Angeles office originated the deal.

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