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$9,600,000 Adaptive Re-Use Construction Loan Mixed-Use Redevelopment for 103 Multifamily Units and over 23,000 SF Commercial Space in Pontiac, Michigan

Loan Amount: $9,600,000

LTC: 80%

Term: 18-Months with Extension Options

Transaction Description:  

George Smith Partners has successfully secured $9,600,000 in funding to facilitate the adaptive re-use of a historic downtown office tower into a multifamily/mixed-use project in Pontiac, MI. These funds will be utilized for the development of 103 market-rate multifamily units and over 23,000 square feet of commercial space.

The team at GSP faced challenges over the course of the raise due to limited comparable properties and public data in the Pontiac area. By leveraging our Sponsors’ local relationships and market knowledge, the GSP team effectively packaged and supported the clients’ 80% LTC financing request for the project’s duration. The lending institution exhibited tremendous confidence in the project’s progress and eventual completion. Upon completion, the project is poised to become a benchmark for mixed-use developments in the emerging downtown corridor of Pontiac, Michigan.

Advisors

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