FINfacts XXIV – No. 487

Transaction Description:  

George Smith Partners successfully arranged $4,000,000 in equity financing for the ground-up development of 195 3-bedroom BTR units in San Antonio, TX.  The property is located within the Rim neighborhood in Northwest San Antonio, which is surrounded by ample retail, entertainment, and 90% of all class A office in SA.  

The Sponsor was able to execute on this financing as new construction has been limited in the region over the past 24 months, allowing the property to be one of the exclusive offerings when construction completes in early 2028. The equity financing was closed with a private investor.  

Transaction Description:  

George Smith Partners successfully arranged $86,000,000 in construction financing for a mixed-use project with 316 apartments and over 62,000 square feet of retail at The District, a master-planned mixed-use development in Round Rock, Texas, directly adjacent to Dell Technologies’ global headquarters. The loan will fund the initial phase of The District which, at full buildout, is anticipated to encompass nearly four million square feet of residential, retail, hospitality, and office components.  

Phase I will deliver a seven-story building featuring 316 luxury multifamily residences above approximately 23,000 square feet of ground-floor retail, constructed using a proven five-over-two configuration. The project also includes a 40,750 square foot Food & Beverage Plaza across six standalone buildings, designed to activate the site early and generate consistent foot traffic from both residents and the surrounding employment base. The Sponsor acquired the site directly from Dell Technologies in 2016 and has spent nearly a decade on collaborative master planning and entitlements, positioning The District as the premier live-work-play destination within one of Texas’s most resilient and economically diverse growth markets. GSP served as the advisor and placement agent, advising on capitalization strategy, lender engagement, and execution.