Kansas

George Smith Partners arranged $11,075,000 in floating-rate construction financing for the ground-up development of a 775-unit, 84,025 net-rentable-square-foot, Class A climate-controlled self-storage facility in Kansas. The project will be professionally managed by a national, publicly traded self-storage REIT. The loan represents approximately 82.5% of the project's $13.4 million total cost, providing the Sponsor with efficient leverage on a ground-up development. GSP structured the financing to include a burn-down guaranty, with the Individual and Entity Guarantors' repayment obligation stepping down from 15% to 0% of the Loan Amount as well as a stepdown in rate upon the Property reaching 10% economic occupancy, aligning recourse with lease-up performance and preserving upside for the Sponsor as the asset stabilizes.