$6,300,000

Transaction Description:   

George Smith Partners closed a loan in the amount of $6,300,000 for the construction of a 14-unit, build-for-sale community located in Colorado. This is the second closing in a programmatic partnership between the lender and the developer. The initial interest rate on this loan is lower due to a lower LTC. For this loan, the lender had already completed the due diligence work to understand the modular build project and the Sponsor. As a result, the loan closed in just 45 days, which is very fast for a construction loan.