$10,550,000

Transaction Description:   

George Smith Partners closed a $10,550,000 loan for the construction of a master planned community located in Northern California. The build-for-sale project consists of 25 units and has shared amenities and common space. The request presented a unique challenge in that the individual units are prefabricated offsite and transported to the property. 

GSP was able to source a lender that specializes in phased developments and is comfortable with prefabricated construction. The loan is non-recourse, with the carve out guarantees signed by a corporate entity rather than an individual. The overall funding is 75% of the project costs. The floating rate will allow the borrower to benefit if interest rates decline.