Transaction Overview
George Smith Partners successfully closed an acquisition and expansion loan for an 82-site RV park on the Central California Coast. There are few RV parks west of Highway 1 on the Pacific Coast, and fewer yet that include expansion space. The Sponsor plans to add 24 sites in the coming months to the 100% transient property. The loan included proceeds for the Sponsor to place bungalow-type model home units on several sites. This allows travelers without RV’s to “glamp” at the beautiful and well-located park.
GSP’s mandate was to source a lender who not only had the ability to execute in a timely fashion, but one who recognized the value in the excellent location and rare nature of the park. Furthermore, the Sponsor required a lender who understood their vision for creating a one-of-a-kind and of-the-moment guest experience.
The selected lender was able to recognize the unique value proposition of the property and the strong sponsorship involved in the project.
