top of page

EBSC Lending Arranges $37.5M Non-Recourse Construction Loan.

  • Brian Stark.
  • Oct 5, 2025
  • 3 min read

Updated: 5 days ago

ALBUQUERQUE, NM — EBSC Lending has arranged a $37.5 million non-recourse construction loan (with standard bad-boy carveouts) to finance the development of a 210-unit, Class A apartment community in Albuquerque, New Mexico. Groundbreaking is scheduled to begin immediately, with project completion anticipated in early 2027.


The financing package provides 80% loan-to-cost, 70% loan-to-stabilized value, and carries a 10.75% interest rate. The loan features an initial three-year term with two extension options and fully capitalizes the project’s development budget through lease-up.

Transaction Overview

The project will consist of 12 residential buildings with a mix of studio, one-bedroom, and three-bedroom units, averaging approximately 900 square feet. The development is designed as a high-quality Class A community intended to meet growing rental demand in the Albuquerque market while offering modern unit layouts and efficient design.


The transaction was arranged by EBSC Lending’s capital markets team, led by Martin Alex, CEO of EBSC Lending, and structured to provide certainty of execution, competitive leverage, and flexibility throughout construction and stabilization. The non-recourse structure, combined with extension options and full capitalization through lease-up, allows the sponsor to proceed with development while aligning financing with construction milestones and market absorption.


In connection with the transaction, Eric Snyder, Managing Member of the borrowing entity, stated, “We know the EBSC Lending team always advocates strongly on our behalf. Their tenacious efforts and market expertise continue to make our relationship invaluable. This marks our sixth transaction together, and once again their execution was seamless.”


Additionally, Martin Alex, CEO of EBSC Lending, noted, “Our approach blends entrepreneurial thinking with deep industry knowledge to deliver real value. We’re not just providing capital—we’re helping clients grow smarter with tailored solutions that traditional lenders can’t match.”

Market Context + What It Means

Albuquerque continues to attract multifamily investment due to favorable demographic trends, relative affordability, and steady demand for new, high-quality rental housing. Class A developments in well-positioned submarkets benefit from limited competing supply and increasing renter preference for modern amenities and efficient unit designs.


At the same time, construction financing for large-scale multifamily projects has become more selective, particularly for non-recourse structures. Private construction lenders play an increasingly important role in enabling sponsors to move forward with projects that might otherwise face delays due to tighter institutional credit conditions.


By delivering a non-recourse construction loan with competitive leverage and extension flexibility, EBSC Lending enabled the sponsor to advance development while maintaining alignment between capital availability, construction execution, and long-term stabilization objectives.

Frequently Asked Questions

What type of loan did EBSC Lending arrange for this project?

EBSC Lending arranged a $37.5 million non-recourse construction loan to finance the development and lease-up of a Class A multifamily community in Albuquerque, New Mexico.


Why is non-recourse construction financing important?

Non-recourse construction financing limits sponsor liability while providing flexibility during development and stabilization, particularly in markets where construction capital is more constrained.


What makes Albuquerque an attractive multifamily market?

Albuquerque offers relative affordability, population stability, and continued demand for new rental housing, supporting long-term performance for well-located Class A communities.


What types of projects does EBSC Lending finance?

EBSC Lending provides bridge loans, construction loans, and customized private financing solutions for multifamily, mixed-use, and commercial real estate projects nationwide.


Related EBSC Lending Financing Programs

EBSC Lending provides flexible private capital solutions across the United States, including:



 
 
bottom of page