Max Benjamin Partners Secures $96.8 Million Loan For Development Site In Paso Robles | Paso Robles, California | Max Benjamin Partners | Development Site | Loan

Summary

Loan

CALIFORNIA

Development Site

A construction loan in the amount of $96,754,795 has been secured for a development site in Paso Robles. The site has a building square footage (BSF) of 226,926 and is located in the Central Valley. The loan is provided by Max B. Mellman, Jason Moyal, and Adam Tancredi of Max Benjamin Partners.

Summary of transation details

Property Type: Development Site
Transaction Amount: $96,754,795
Market: Paso Robles
BSF: 226,926

The loan is of the construction type and offers full capitalization, with a blended interest rate of 10.25% and no participation. Despite the recent challenges in the construction financing and equity markets, the strong sponsorship profile and high desirability of the project enabled Max Benjamin Partners to secure the full project financing. This included leveraging the value added during the contract period, imputed land value equity, PACE, solar income, and creative resources. Max Benjamin Partners looks forward to closely monitoring the progress of the project and ensuring its success.

Players

All
1

Lenders
1

Max Benjamin Partners

Details

Deal Summary

FINANCED

IMAGE: Jason Moyal, Max Mellman & Adam Tancredi DATE: 12/05/2023 MARKET: Paso Robles ASSET TYPE: Development Site ~ BSF: 226,926 LENDER: Max B. Mellman (@MaxBenjamn), Jason Moyal (@Jamgram728) & Adam Tancredi - Max Benjamin Partners (@MaxBenjaminPartners) LOAN AMOUNT: $96,754,795 LOAN TYPE: Construction LOAN TERMS: 100% Full Capitalization, 10.25% Blended Rate, No Participation NOTE FROM LENDER: MBP secured financing for a 200+ Build for Rent Community in Central Valley. Despite the pull back of construction financing and the equity markets in the last 2 years, MBP was able to capitalize the full project due to its high desirability and strong sponsorship profile. This included imputed land value equity, leveraging the value added in the contract period, PACE, solar income, and creative resources to get this deal across the finish line. We look forward to tracking the progress and ensuring a highly successful project.

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AddressPaso Robles, California

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