LTC: 50%
Index: PRIME
Spread: 1.25% (Floor of 6.00%)
Term: 12 Months
Extension: One 6-Month
Guaranty: Non-Recourse
Transaction Description:
George Smith Partners arranged $14,400,000 of non-recourse land acquisition financing in Austin, TX. The land will eventually be home to 368 Build-for-Rent homes. GSP was able to negotiate accretive terms for the Sponsor and their Limited Partner within a two-month timeframe from marketing to closing. Once the project becomes stabilized, it will enrich the surrounding Austin area.
Advisors
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Ed Steffelin
Managing Director, GSP; President, AXCS Investments
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Evan Kinne
Managing Director, GSP; CEO, AXCS Capital
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Jordan Lipton
Vice President
Related Financings
- No related financings.
