Transaction Overview
George Smith Partners successfully arranged $18,700,000 in non-recourse construction financing for the development of a 1,054-unit self-storage property located in Cranford, NJ. GSP ran a full market process, canvassing the lending landscape to identify the best possible execution for the Sponsorship. The borrower is demolishing an existing office building, held for over 20 years to redevelop the site as self-storage. GSP negotiated a cash-neutral construction loan by unlocking imputed equity in the underlying land.
