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$14,400,000 Land Acquisition Financing Arrangement for a Future Build-for-Rent Project; Austin, TX

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.


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