George Smith Partners Secured a $26 Million Construction Loan for a SFR for Rent 130-Unit Project in Fort Myers, Florida
LOS ANGELES (JULY 30, 2021) – George Smith Partners, a leading commercial real estate capital markets advisor, announced today that it has secured a $26 million construction loan for a new development comprised of 130 single-family rental homes.
The new development will be a part of a 706-acre master planned community featuring restaurants, retail, office, medical, assisted living and residential communities.
George Smith Partners secured the construction debt at 70% of cost at a sub 4% rate, advised on the equity, and brought in a related entity to provide Co GP capital. The property is located 15 minutes from downtown and 30 minutes from Fort Myers Beach.
“It is always satisfying to work on a developer’s first project and assist them in building their business especially a team as qualified as Soltura Development,” said Evan Kinne, Senior Vice President at George Smith Partners.
SFR offers the flexibility and professional management of traditional apartments in a single-family format.
“Arron and I are very excited to be able to bring to market one of Florida’s first horizontal apartment communities and we feel that we are well positioned to build quickly on this early success. We thank GSP, our investor group, and all of our project partners for their involvement in getting this first deal off the ground.” Danville R. Leadbetter, Co-Founder Soltura Development Group.
GSP members, Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen secured the financing on behalf of Soltura Development Group.
About Soltura Development Group
Soltura is a real estate development company experienced in residential, hospitality, restaurants/bars and commercial. With a passion for delivering projects on time and on budget by assembling efficient and productive teams that produce high-quality work by focusing on outcomes and key results.
About George Smith Partners
George Smith Partners is a leading national provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans, as well as mezzanine loans, highly leveraged participating loans and joint venture equity. The company has arranged more than $57 billion in financing since its inception. Additional information about George Smith Partners is available at www.GSPartners.com.