Transaction Overview
George Smith Partners arranged the Preferred Equity financing for the development of 1,500 acres/384-Residential lots surrounding a Ben Crenshaw & Bill Coore golf course. Amenities will include Clubhouse, Tennis Courts and Swimming Pools post development. GSP was retained at the end of 2014 to create the strategies necessary to bring in the remaining capitalization needs of the development. The capital arraigned allows the developer to complete the remaining infrastructure, build out of amenities and deliver the residential lots to buyers for vertical construction. While several capital structures could potentially fulfill this capital request, a Preferred Equity financing structure from a Private Equity group offered the most flexibility and favorable terms. Our Sponsor has already embarked on the remaining infrastructure and lots will be ready for sale mid-2016. Sized to 33% of completed value, financing terms are confidential.
