George Smith Partners successfully advised our client to create a $2,520,000 Co-General Partner Joint Venture for a 207-unit multifamily ground-up, modular construction project in Denver, Colorado. The relationship created by GSP combines an investment team with a strong financial institutional backing with a sponsorship team of well-established development experts, into a general partnership team taking on a project in one of the fastest-growing markets in the country.
The Denver metropolitan area is expected to add roughly 216,700 new residents over the next five years, fueled by the expansions of the Denver International Airport and Fitzsimons Medical Campus. The Project is expected to fulfill an underserved workforce demographic by offering an affordable yet high-quality option. The Project will feature a rooftop deck with BBQ grills, outdoor games, playgrounds, sports courts, picnic areas, a dog run, gym, state-of-the-art security systems, bike parking, package storage, and a mail center with full-time onsite management and maintenance. The Project will be constructed modularly, thereby saving on costs and time. Modular projects can be developed in half the time as traditional construction, with approximately 60% – 90% of construction performed inside a factory while site work is simultaneously completed.
The investment was paired with a bridge loan to close on the land, complete the working drawings and complete all the pre-development work. The Project is estimated to break ground in Q1 of 2023. To close, GSP will assist in obtaining a construction loan and LP Equity.
- No related financings.