Case Study: Alliance Property Group completes senior living rehab with Stearns Bank financing

Alliance Property Group completes 72-unit senior living rehab with Stearns Bank

Alliance Property Group, a commercial property developer, faced challenges securing financing for the rehab of the Owens Senior Living apartment building due to the project's size and complications from 2017 tax reform changes. They were introduced to Stearns Bank for commercial finance services to help reconfigure the transaction and obtain the necessary funding.

Stearns Bank provided a responsive and proactive financing solution, coming up with ideas to resolve issues and adopting a "pro-closing" approach. This enabled Alliance Property Group to begin construction in May 2018 and successfully complete the 72-unit senior living rehab by the end of that year. The customer stated that without Stearns Bank's involvement, completing the project would have been challenging.

Alliance Property Group