Transaction Overview
George Smith Partners is pleased to announce the successful arrangement of $1,947,000 and $4,557,000 in senior loans, totaling approximately $6.5 million, to refinance two Low-Income Housing Tax Credit (LIHTC) multifamily communities located in Rockingham and Canton, North Carolina.
Both transactions were structured as cash-neutral refinances, allowing the Sponsor to meaningfully reduce their cost of capital while maintaining the long-term affordability commitments tied to each asset. The financing reinforces the Sponsor's continued dedication to preserving quality affordable housing in underserved communities across North Carolina.
The transactions required careful navigation of the Land Use Restriction Agreements (LURAs) and tax abatement structures associated with each property — complexities that demanded a high level of coordination between all parties involved. George Smith Partners worked closely with an experienced Sponsor team and lending partners to successfully address these challenges and bring both deals to a successful close.
These closings reflect George Smith Partners' deep expertise in affordable housing finance and their commitment to supporting sponsors who are making a meaningful impact in communities that need it most.
