HomeMy WebLinkAboutIV.D.3 - Bank Letter - River City
October 1, 2024
Luke Siewert
River City Investments LLC
Dear Luke,
Thank you for your re-engagement on your downtown apartment construction project. As you
are aware, in late 2021, we had approved the construction to perm financing package to
facilitate the construction of a 30+ unit apartment building you had proposed.
We understand that project costs and changes in the interest rate environment caused delays in
the project getting fully off the ground. We also understand that a project of this magnitude
and importance to the community requires a lot of due diligence and unforeseen variables can
cause timelines to shift. We are grateful for your continued efforts and resolve to see this
project come to fruition. I personally appreciate your consistent updates and discussions to
keep this project front of mind.
It should be noted that we have obtained new financial data from all parties related to this
project and we are again reviewing the project internally. Even though, we already approved
the request in the past, due to the delay, we are required to review your request again at loan
committee. Please know that we are confident in your ability to perform on this project and we
are extremely grateful for your financial partnership.
A silver lining in the delayed start is that we have access to more robust product lines that fit
this type of credit request and will minimize the interest rate increases the market has
experienced in the last 24 months. I’m very excited to share that with you soon.
Sincerely,
Jeffrey A Carter
Vice President – Commercial Lending
Merchants Bank, NA
Phone: (651) 438-7301
Email: jacarter@merchantsbank.com