$10,737,375 Joint Venture Equity for a Built-for-Rent Development; Savannah, GA

Transaction Description

George Smith Partners advised on $10,737,375 in Joint Venture equity for the ground-up development of a Built-for-Rent community in Savannah, GA. When complete, the Project will consist of 142 single-family homes on 66 acres of land. The Project is located just a 20-minute drive outside of downtown Savannah and just 3 miles northwest of Savannah Quarters Country Club and Blue Moon Crossing; a major retail center in the area.

GSP marketed the transaction broadly and found several equity providers interested in the Project. Time was of the essence as the Sponsor had closed on the land and was ready to start horizontal development. GSP worked with the Sponsors to pick a group that could move quickly and help share cost overruns. Construction is expected to take 36-months and for the Project to be completed and leased up by Q1 2025.

Advisors

• 

  Ed Steffelin

  Managing Director, GSP; President, AXCS Investments

• 

  Evan Kinne

  Managing Director, GSP; CEO, AXCS Capital

• 

  Jordan Lipton

  Vice President

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