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

Charles Krawtiz

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."
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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.

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