$105,000,000 Construction Loan and $17,120,000 Limited Partner Equity for the Development of a For-Sale Residential Project; Hayward, CA

Transaction Description:

George Smith Partners placed a $105,000,000 non-recourse construction loan and $17,120,000 of Limited Partner Equity for a for-sale residential project in Hayward, California. The Project will be built in phases and have 123 townhomes and 66 condominiums providing much needed workforce housing to the area. The Project will also have some affordable units for sale.

Two GSP teams were able to combine efforts and executed an effective and in-depth marketing campaign to help the capital markets understand the opportunity appropriately while finding solutions to various challenges that arose during the entire process. GSP marketed and highlighted the Project’s strength, the phasing nature of the build schedule, the projected sales prices and the forecasted upward trajectory in both sales price growth and sales pace growth. GSP was able to source capital providers on the Project that were comfortable with both the depth and experience of the Sponsor as well as their belief in the continued growth of the Bay Area.

Ultimately, the professionalism and expertise of the two GSP teams on the deal coupled with the proficiency and extensive experience of the Sponsor allowed for a successful close.

Advisors

• 

  Ed Steffelin

  Managing Director, GSP; President, AXCS Investments

• 

  Evan Kinne

  Managing Director, GSP; CEO, AXCS Capital

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