Entitled Land Acquisition Financing for a Single Family Home Community
Location: San Marcos, Texas
Property type: Single Family Residences
Transaction type: Acquisition (Senior and Mezzanine)
Loan amount: $ Confidential
Term: 1 Year + One, 12-Month Option
LTPP: 87.5%
As-Is LTV: 65%
Prepayment: None
TRANSACTION DESCRIPTION
Team Hachem secured senior and mezzanine financing for the acquisition of 49.3 acres of land in San Marcos, TX. The City is located midway between Austin and San Antonio, the #1 and #7 fastest growing cities in the US. The Property is fully entitled for single-family residential development. The Sponsor, a Texas-based developer, recognized the Property’s underlying value and the unique opportunity to build much-needed housing for the area. The Hachem Team sourced a high leverage lender who not only recognized the booming submarket, but also the Sponsor’s ability to execute on the master-planned community. The transaction closed 17 days after signing the term sheet.
