Transaction Overview
George Smith Partners negotiated a $5,300,000 programmatic joint venture equity structure for two affordable housing developments in Washington, DC combining renovation of 25 existing units and new construction of 87 ground-up units for a total of 112 units. The transaction closed during a challenging lending environment characterized by rising interest rates and limited LP equity availability. The arrangement provided sponsors long-term equity funding while offering the equity provider access to the sponsor's development pipeline for future investments.
