FINfacts™ XXIV – No. 345 | November 28, 2022

Prime Rate 7.00%
1 Month LIBOR 3.96%
6 Month LIBOR 5.14%
5 Yr SOFR Swap 3.76%
10 Yr SOFR Swap 3.51%
5 Yr US Treasury 4.01%
10 Yr US Treasury 3.83%
30 Yr US Treasury 3.89%

$46,800,000 Construction Financing for the Development of a 247-Unit Build-to-Rent Community; Foley, AL

Rate: Prime + 1.25%
LTC: 65%
Guaranty: Non-Recourse

Transaction Description:

George Smith Partners is pleased to announce the successful arrangement of a $46,800,000 construction loan for the development of a 247-unit build-to-rent community in Foley, Alabama. Through GSP’s strong relationship with the bank, GSP was able to successfully negotiate a 65% LTC, Non-recourse loan to fund parri-passu with the JV’s equity at WSJ Prime + 1.25% through construction. Pricing reduces and leverage increases to 70% LTC upon preset leasing hurdles.


Ed Steffelin
Managing Director, GSP; President, AXCS Investments
Evan Kinne
Managing Director, GSP; CEO, AXCS Capital
Jordan Lipton
Vice President

If you have an inquiry regarding George Smith Partners’ commercial real estate financing, please contact your GSP representative or Jessica Mania, at (310) 867-2974 or


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Los Angeles, CA 90067
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Fax 310.557.1276
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