$25,590,000 Stretch Senior Construction Financing for a Community of 90 Modular, Build-for-Rent Homes; Asheville, NC

Transaction Description:

George Smith Partners secured $25,590,000 of stretch senior financing for the construction for a community of 90 modular homes for rent in Asheville, NC. GSP quickly identified a debt fund that suited the client’s needs by arranging an in-person meeting to discuss the project. The Lender recognized the strength of the Asheville market.

The modular homes will be constructed off-site and set onto finished lots over 36 months. The community features spacious floor plans and a common area for future residents. This is the first build-to-rent community for the client and we expect there to be many more.