![](https://www.gspartners.com/wp-content/uploads/2024/03/Stefkin-6.22.22-scaled-1.jpg)
Transaction Description:
George Smith Partners successfully advised on $23,000,000 in construction financing and $9,800,000 in JV Equity for the development of a 108-unit built-to-rent community in Charlotte, NC. The Project features 108 attached single-family homes situated atop a 13.5-acre site. The Site is located just seven miles outside of downtown Charlotte and less than 2 miles from UNC Charlotte. The houses have private entrances, individual backyards and feature shared amenities including a pool, jacuzzi, clubhouse, fitness facility, grilling area, pet park, and game room.
GSP worked through several strategies with the Sponsor to source the non-recourse financing terms and joint-venture equity partner for the ground-up built-to-rent community. The Sponsor chose a joint-venture partner that GSP had introduced to the sponsors on a previous deal. GSP sourced several highly reliable lender options, and the Sponsor ultimately went with a lender headquartered in Charlotte that provided strong terms and would keep the loan on their balance sheet.
The Sponsor projects vertical development to be completed by late 2023 and lease-up to be finalized by Q2 2024.
- Rate: SOFR + 5.50%
- Term: 3 Years
- LTC: 70%
- Fee: 1.25%
- Guaraednty: Non-Recourse