Finfacts XXIV – No. 462

Transaction Description: 

George Smith Partners arranged construction financing for 2 Custom SFR homes. The sites are located in a 9-parcel gated equestrian community on a combined 34-acre site. The Sponsors purchased the entire site in the early 1990s and have spent years on entitling, building infrastructure, grading the sites, etc. The site features lush canopies of mature oak trees nestled in a canyon with open space and spectacular native scenery. It is located within 5 miles of a toll road with easy access to shopping, restaurants, office parks and a major airport.  

Specs:

Home 1: 6,600 sq ft home on 2.5 acres, 6 bedrooms, 8 bath, Casita, 3 car garage, 1800 feet of covered terraces and decks, elevator, wine room, multiple fireplaces, media room 

Home 2: 7,100 sq ft home on 4.5 acres, 5 bedrooms, 7 bath, Casita, 4 car garage, 1080 sq ft of covered terraces and decks, elevator, fireplaces, media room, wine room 

Both homes feature: Subzero refrigerators, multiple built-in ovens, Emtek cabinets, etc. 

The financing had a unique structure: Sponsor pledged the 2 subject sites and 2 additional lots as collateral in order to achieve a cash neutral closing.