Term: 12 Months
George Smith Partners successfully placed the land acquisition senior loan and JV equity for 57.62 AC of vacant and unentitled land in Cibolo, TX (suburb of San Antonio). We went out to 40+ sources and the Lender loved the site and was aggressive by bringing the effective financing between debt and equity to about 78% LTP. The deal is in the early stages, with no clear exit plan and most lenders were not comfortable with taking on that risk. Initially, the Sponsor was under LOI to flip 30 acres to a tech-related entity post close, however, that fell through when we were already under app. Regardless, the site was highly favored after putting their feet on the ground and closed on the original structure.
- No related financings.