$58,000,000 of Debt and Joint Venture Equity Financing – $45,000,000 Non-Recourse Acquisition Financing and $13,000,000 of Joint Venture Equity, 680-Unit Atlanta Workforce Multifamily

GSP successfully arranged a total of $58,000,000 in Acquisition Debt and Joint Venture Equity Financing for the acquisition and reposition of a 1970’s/1980’s vintage work-force housing portfolio consisting of 680-units in an Atlanta submarket. The Financing consisted of $45,000,000 in non-recourse acquisition debt financing and $13,000,000 of joint venture equity (80%/20% co-invest). GSP structured the variable rate debt facility as two uncrossed loans utilizing the Agency green program to achieve favorable leverage of 75% loan-to-value and a reduced interest rate of LIBOR + 2.15%. The Sponsor with their newly formed joint venture equity partnership will implement a value-add reposition strategy by investing a combined $5,500,000 into the two properties, to upgrade property common area amenities, interiors, and implement a green–energy saving initiative. Through the reposition, Sponsor’s cash flow is maximized as the loan is interest only during the initial four-year term.