Transaction Overview
George Smith Partners placed the $6,500,000 Acquisition & Senior Land Development Financing for the 30 acre First Phase of a 233-acre master development project in Indian Trail, North Carolina, an outer-ring suburb of Charlotte. The loan will fund development of 76 single family lots, including all municipal infrastructure services, and allow the Sponsor to deliver serviced single family lots for sale to homebuilding companies. The Sponsor plans a total of four phases in the 233-acre development, which will encompass a total of 582 single family lots, as well as horse stables and pastures, equestrian trails, and other recreational facilities. An existing development marketed alongside the project has been 85% developed and includes 527 single family homes, 89 townhomes, and 10 live/work units.
