Transaction Overview
George Smith Partners secured a $4,500,000 acquisition bridge loan for the purchase of 10 acres in Laveen, Arizona to be developed into a 250-unit resort-style multifamily community designed by Humphrey's. The property is part of a 35-acre master plan community that includes a 16-bed hospital facility, retail, senior housing land, and restaurant space. The property was put under contract in October 2020 unentitled, and the sponsor completed full entitlement during escrow including annexing 6 of the 10 acres from county to city jurisdiction. The loan covered 100% of purchase price plus interest reserve. GSP also procured over $2,000,000 in Co-GP equity for predevelopment completion. The Phoenix-based development firm has 60+ years of experience.
