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$8,600,000 in Acquisition and Development Joint-Venture Equity Financing for 52-Unit Ground-Up Multifamily Development

ALL TERMS CONFIDENTIAL

GSP successfully secured $8,600,000 in Joint-Venture Equity Financing for the acquisition, pre-development and vertical construction of a 52-unit luxury multifamily apartment complex with 3,000 sf of retail space. The Partnership allowed the Sponsor to acquire the West Los Angeles property, buy-out the existing tenants and fund pre-construction expenses including building permits which are expected to take approximately 12-15 months to obtain. GSP was hired by the Sponsor to provide advisory services throughout the development, including financing the construction loan. After engaging with over seventy groups who focus on providing Joint Venture Equity Financing, GSP was able to identify a West-Coast based family office as an equity finance partner. GSP structured a mutually beneficial, long-term relationship that both the Sponsor and the capital partner stand to gain from.

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    Transaction Description:

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    Guaranty: Recourse
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  • $58,000,000 of Debt and Joint Venture Equity Financing – $45,000,000 Non-Recourse Acquisition Financing and $13,000,000 of Joint Venture Equity, 680-Unit Atlanta Workforce Multifamily

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    Rate: 30-Day LIBOR + 2.15%
    Term: 10 Years
    Amortization: 48 months interest only; 30-year amortization thereafter
    LTV: 75%
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    Guarantee: Non-recourse
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