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$42M Ground-Up Construction Loan Secured for Puyallup MF Project
George Smith Partners (GSP) has closed a $42.5 million ground-up construction loan on a 179-unit garden-style multifamily project located in Puyallup, Washington.
The project will include eight multifamily buildings and three retail buildings built on a ten-acre site. The sponsors had been assembling parcels for several years in preparation for this development and engaged GSP to source leverage and structure options.
The loan was structured as a construction-to-permanent loan, converting from interest-only payments. The loan rate is 7.57%, set at a term of 120 months, and the P&I payments are calculated using a 30-year amortization schedule. The sponsors are eligible for an equity earnout once the property stabilizes.
