Alliant Credit Union Closes Largest Note-on-Note Construction Loan in Company History

The Credit Union provides $37.96 million toward a construction loan secured by a multifamily rental community in Arizona

CHICAGO, May 12, 2025 /PRNewswire/ -- Alliant Credit Union, one of the largest credit unions in the nation, has closed its largest note-on-note financing secured by an underlying construction loan since it began providing back leverage to private debt funds approximately seven years ago. Alliant contributed $37.96 million toward a $58.4 million facility originated by Trez Capital, a leader in North American commercial real estate investments. The financing supports the development of a 268-unit multifamily rental community in Avondale, Arizona, a high-growth suburb in the Phoenix metro area.

The loan represents one of Alliant's most significant capital deployments for note-on-note financing, highlighting the credit union's strong appetite for complex, large-scale commercial real estate transactions. Alliant Credit Union and Trez Capital are long-term partners, having executed 20 loans valued at over $300 million worth of note-on-note financing.

"Alliant values the relationships we have established with numerous debt funds and other private capital sources. These relationships have allowed us to benefit from the property type and geographic expertise of our lending partners," said Charles Krawitz, executive vice president, Alliant Credit Union. "We appreciate the trust put in Alliant and the ability to help finance varied properties, all of which contribute to the economic growth of their respective markets."

"We have worked with Alliant since 2018, a testament to the confidence they place in our underwriting and market strategy. This most recent $37.96 million note-on-note transaction not only marks a milestone in their lending history but also supporting the growth in one of Arizona's fastest-growing communities," said Brody Toigo, senior managing director, U.S. origination at Trez Capital. "Together, with a deep understanding of local market dynamics backed by extensive experience, we're bringing transformative projects to life, and we look forward to continuing our work with Alliant."

Alliant is an active provider of note-on-note capital to private bridge and construction lenders nationwide. Having executed over $1.2 billion worth of commitments with over 15 such relationships, Alliant has developed expertise in this niche form of lending. Cooperative working relationships, such as the one with Trez Capital, are central to this unique form of lending.

About Alliant Credit Union:
Alliant Credit Union is a national digital financial institution with over 900,000 members and $20 billion in assets, focused on innovation and disrupting the traditional banking model. Alliant maintains some of the industry's best cost structures while delivering members the best products, rates, and value. Consistently recognized as one of the best financial institutions, Alliant was named one of CNBC's Top Credit Unions and Forbes Best Credit Union for Digital Banking. Headquartered in Chicago and founded in 1935, Alliant is one of the largest credit unions in the United States.

About Trez Capital:

Founded in 1997, Trez Capital is a diversified real estate investment Firm and preeminent provider of commercial real estate debt and equity financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndication offerings and real estate joint-venture investments; and provides property developers with quick approvals on flexible short- to mid-term financing.

With offices across North America, Trez Corporate Group has over $5.7* billion CAD in assets under management and has funded over 1,800 transactions totalling more than $20.5 billion CAD since inception. For more information, visit www.trezcapital.com. (*As at Q1 2024, Trez Corporate Group AUM includes assets held by all Trez-related entities).

For more information contact: [email protected]

SOURCE Alliant Credit Union