CHICAGO—Alliant Credit Union reported a good year in the challenging commercial real estate market, with these loans up 34% over 2023.
The $20-billion CU’s commercial real estate team ended 2024 with approximately $530 million in commercial loan commitments, the organization said.
“The associated loans reinforce Alliant's strong reputation achieved by meeting the diverse needs of commercial real estate developers and investors. Lending on multifamily, student housing, manufactured home communities, industrial, and self-storage properties, the credit union has played a pivotal role in financing numerous projects that bolster economic development across multiple communities,” Alliant said.
In 2024, Alliant funded a $23.7-million loan to a debt fund to facilitate the construction of a multifamily property in New York City.
“Alliant was able to parlay the debt fund's extensive experience of lending in Brooklyn, market wherewithal, and familiarity with the underlying developer to get comfortable with this opportunity,” the CU said.
In addition to note-on-note structures backed by construction and bridge loans, Alliant lends on stabilized commercial real estate opportunities.
“These loans are sourced exclusively through commercial mortgage bankers across the country. Alliant funded a $30 million term loan on a multifamily property in Haggerstown, Md., in 2024. This asset was well positioned in proximity to employers such as manufacturing and distribution facilities and met the housing needs of the area,” the organization said.
"Alliant's ability to navigate diverse lending structures, from construction and bridge loans to stabilized commercial real estate opportunities, showcases our expertise and commitment to meeting the evolving needs of our clients in a dynamic market," said Charles Krawitz, executive vice president and head of commercial lending for Alliant.