Rate: LIBOR+5.00%
Term: 3+1+1
Leverage: 64% LTC
Guaranty: Non-Recourse
Transaction Description:
George Smith Partners successfully advised on $12,000,000 in joint venture equity financing and $23,900,000 in non-recourse senior construction financing for the ground-up development of a 185- home build-to-rent community. Single-family-for-rent communities are a newer asset class and this project was among the first in the market. These communities offer the experience of living in a single-family home with the ease and cost of living in an apartment building. The Sponsor expects the project to be well received as there are distinct competitive advantages over the existing apartment product in the market place for several reasons including the new construction, low density and both interior and exterior privacy.
Advisors
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Evan Kinne
Managing Director, GSP; CEO, AXCS Capital
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Ed Steffelin
Managing Director, GSP; President, AXCS Investments
Related Financings
- No related financings.