$5,700,000

Transaction Description:    

George Smith Partners closed a $5,700,000 loan for the construction of a for-sale, 12-home, master-planned community located in Denver, CO. The request presented a unique challenge in that the individual units are prefabricated off-site and transported to the property.  

GSP was able to source a lender that specializes in phased developments and is comfortable with prefabricated construction. The loan is non-recourse, with the carve-out guarantees signed by a corporate entity rather than an individual. The overall funding is 75% of the project costs. The floating rate will allow the borrower to benefit if interest rates decline.