$9,800,000 Construction Financing for a 36-Unit Ground up Multifamily Property in a Southwestern State

Transaction Description:

George Smith Partners successfully arranged a non-recourse, stretch senior, construction loan of $9,800,000 for the ground up construction of a 36-unit mixed-used development in the submarket of a Southwestern State. GSP, through their expertise in multifamily development financing and strong relationships with a wide range of lenders, was able to negotiate favorable terms for their client including pari passu funding. The loan was priced at an 11.5% fixed rate with three, three-month extension options.

Building upon the Sponsor’s local market knowledge, the GSP team effectively packaged and supported the client’s 70% LTC financing request for the project’s duration. Upon completion, the project is poised to become a standout addition to the city’s Art’s District.

  • Rate:  11.5% fixed rate, full term interest only
  • Term: 18 months with three (3) three (3)-month extension options
  • LTC: 70%
  • Guaranty: Non-Recourse

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