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$46,800,000 Construction Financing for the Development of a 247-Unit Build-to-Rent Community; Foley, AL

Rate: Prime + 1.25%
LTC: 65%
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners is pleased to announce the successful arrangement of a $46,800,000 construction loan for the development of a 247-unit build-to-rent community in Foley, Alabama. Through GSP’s strong relationship with the bank, GSP was able to successfully negotiate a 65% LTC, Non-recourse loan to fund parri-passu with the JV’s equity at WSJ Prime + 1.25% through construction. Pricing reduces and leverage increases to 70% LTC upon preset leasing hurdles.

Advisors

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