Max Benjamin Partners Secures $56.5 Million Construction Loan For 44-unit Townhome Development In Greenville SC

The asset involved in this transaction is a development of townhomes located in Greenville, SC, comprising a total of 44 units. The property is part of a luxury townhome development project and was financed for construction purposes.

Summary of transaction details:

• Property Type: Townhomes
• Transaction Amount: $56,500,000
• Loan Type: Construction
• Loan Terms: 60% LTV; 90% LTC; 10.56% IR; 2 Year Term + 1 Year Ext Opt; Non-Recourse
• Broker: Herschey Liss & Max B. Mellman - Max Benjamin Partners

The key individuals involved in this deal are Herschey Liss and Max B. Mellman, representing Max Benjamin Partners. The financing structure for the project featured a strategic combination of a senior stretch loan with subordinate seller financing, designed to facilitate a zero cash-to-close scenario for the borrower. The deal showcases the ability of Max Benjamin Partners to navigate challenges faced by the sponsor, ensuring successful closure without additional equity requirements.