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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.


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    Transaction Description 

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  • $42,120,000 Stretch Construction Financing for a 188-Unit Build-for-Rent Site in Raleigh/Durham, North Carolina

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    Transaction Details: 

    George Smith Partners has successfully arranged a non-recourse stretch senior construction loan of $42,120,000 for the ground-up construction of a 188-unit build-for-rent community in Raleigh/Durham, NC. George Smith Partners, through their expertise in build-for-rent communities and strong relationships with a multitude of lenders was able to negotiate favorable terms for the sponsor including a sizable land lift.  The sponsor self-performed most of the site improvements and partnered with a home builder to erect the townhomes on the finished lots in tranches of 15-20 per month. The loan was priced at a floating rate of SOFR plus 475bps with one 6-month extension option. When built, the project will provide the future occupants from the rapidly growing market of Durham a mix of three and four-bedroom townhomes with two-car garages, an amenity center, access to top school districts, and proximity to high income tech jobs. 

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    May 4, 2022

    Transaction Description

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    Transaction Description:

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    Transaction Description:

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  • $32,000,000 Construction Loan and $9,000,000 LP Equity for the Development of a For-Sale Residential Project; Hayward, CA

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    Transaction Description:

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