Transaction Overview
George Smith Partners arranged the $25,000,000 Joint Venture equity to acquire a to-be-built multi-family development site in the Inland Empire, California. GSP was engaged with a very short timeframe to secure an equity partner that would permit the Sponsor to acquire the dirt in a competitive bid environment. The acquisition process required a “closed as applied for” structure should the Sponsor be awarded this development opportunity. GSP made a market to ensure no surprises after the deposit became non-refundable, and assisted in the negotiation of a venture that would provide capital through construction and stabilization. The new venture added overwhelming support assisting the Sponsor to win the bid. The Sponsor is expanding their Southern California multifamily platform and is currently working with this institutional partner on a subsequent multifamily development site.
