GSP

October 2022

Transaction Description:

George Smith Partners is pleased to announce the arrangement of $23,750,000 of LP JV-Equity for the ground-up construction of a 155-unit build-for-rent community in Loudon County, Virginia. The Sponsor originally engaged GSP to capitalize the land from purchase to finalization of the site plan that would be sold to a homebuilder. As headwinds from rising interest rates started affecting homebuilders’ price indications, the Sponsor decided to pivot into developing all 155 units as rental units with a Limited Partner. Through GSP’s deep relationships and the Sponsor’s expertise in development, the transaction changed in scope and direction ending in a great partnership and transaction for the Sponsor.

Terms Confidential

Advisors

Ed Steffelin

Managing Director, GSP; President, AXCS Investments

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