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GSP Arranges Loan to Build Sheboygan Workforce Housing
George Smith Partners (GSP) recently secured a $31.5-million construction loan on behalf of Green Street Real Estate Ventures for The Oscar, a 240-unit, workforce housing project in Sheboygan, WI.
GSP SVP Kyle Howerton, along with other members from the BASH Team in the Los Angeles office, sourced the debt with Scott Loving at Colliers Funding. BMO Harris is the equity partner for the project.
“This was an especially rewarding and exciting financing to arrange due to the project’s mission-driven purpose of workforce housing as well as substantial challenges encountered including uncertainty surrounding the COVID pandemic and the project’s tertiary location,” said Howerton. “Through persistence and hard work, we were fortunate to source a lender that focused on the project’s strong economic merit, compelling market fundamentals, and sponsorship quality instead of the short-term risks posed by COVID.”
He added, “The Oscar will partially fill Sheboygan’s shortage of quality workforce housing.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
