All Terms Confidential
Transaction Description:
George Smith Partners arranged $47,500,000 in construction financing for the development of a single-family build-to-rent community in La Quinta, within Southern California’s Coachella Valley on behalf of Shopoff Realty Investments. Spanning 18 acres, the Project features 131 units, averaging approximately 2,000 SF per unit. The Sponsor completed entitlements on the infill site over the last few years and secured the financing to commence construction.
Build-to-rent communities have gained significant traction due to, on average, high absorption rates and attractive rental premiums over comparative products. Demand has grown significantly, making it the fastest growing asset class in the U.S. housing market. The Sponsor, a best-in-class developer based in Southern California, recognized the opportunity to capitalize on the booming asset class. GSP was able to identify a lender who understood the investment potential of the high-growth submarket, as well as the Sponsor’s strong local knowledge and expertise in the BTR industry.
Related Financings
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$18,600,000 Construction Financing for 109-Unit SFR Construction in an Opportunity Zone; Phoenix, AZ
August 11, 2021
Transaction Description:
George Smith Partners successfully advised on $18,600,000 in construction financing for a 109-unit build-to-rent and Opportunity Zone transaction in Phoenix, AZ. This follows on the successful $7,100,000 JV equity financing GSP advised on. This single family for rent community will offer one, two and three-bedroom detached homes with upscale furnishings and private yards for most units. The Sponsor has five more transactions under contract. This was the first transaction for our Sponsor who is optimistic about the popularity and emerging trend of the build-to-rent niche.
Terms Confidential
- Advisors: Ed Steffelin Evan Kinne Jordan Lipton
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$7,100,000 JV Equity Financing for 109-Unit SFR Construction in an Opportunity Zone; Phoenix, AZ
March 31, 2021
Transaction Description:
George Smith Partners successfully advised on $7,100,000 in joint venture equity financing for a 109-unit build-to-rent and Opportunity Zone transaction in Phoenix, AZ. This single family for rent community will offer one, two and three-bedroom detached homes with upscale furnishings and private yards for most units. This was the first transaction for our Sponsor who is optimistic about the popularity and emerging trend of the build-to-rent niche.
All Terms Confidential
- Advisors: Ed Steffelin Evan Kinne
