Max Benjamin Partners Secures $116.2M Construction Loan For Build To Rent Community In Paso Robles

The property asset involved is a Build to Rent Single-Family Residence (SFR) Community located at Linne Rd./Airport Rd, Paso Robles, CA 93446, with a total square footage of 246,202. The development includes 212 units, comprising 112 SFR units with Accessory Dwelling Units (ADU). The current market for this asset is Paso Robles.

Summary of transaction details:

• Property Type: Build to Rent SFR Community
• Transaction Amount: $116,200,000
• Loan Type: Construction
• Loan Terms: 212 Units; 112 SFR w/ ADU; LTC 100%; Blended Rate: 9.7% w/ 30% Profit Participation; Terms: 2 Years + 1 Year Extension
• Brokers: Jason Moyal, Max B. Mellman & Drew Rands - Max Benjamin Partners
• Asset Sponsor: Adam Tancredi

The successful funding was announced by the principals of Max Benjamin Partners, securing the construction loan to facilitate the horizontal and vertical development of 224 units. This transaction refinanced existing acquisition debt, contributed to the buyout of previous partners, and fully capitalized the remaining project costs, including site infrastructure and vertical home construction. MBP structured the loan to achieve full coverage of actual costs by leveraging imputed land value contributions alongside PACE equity. Additionally, a strong credit enhancement partner was introduced to meet lender requirements and provide strategic value during the build phase and project exit.