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Thrive Development obtained a $32 million bridge loan for The Springs at Coyote Ridge, a 93-unit townhome-style multifamily development in Heber City, Utah. MonticelloAM originated the loan. The purpose of the bridge loan is to refinance the property, allowing time to complete lease-up and increase rents to qualify for permanent financing. The floating-rate bridge loan includes a 24-month initial term with extensions and full-term interest only.