Case Study: $46MM Single Family Rental | Development | Panama City, FL

Sourced and structured a non-recourse construction loan for a build-to-rent, 225-unit Single-Family Rental style community located in Panama City, FL. 

Challenges

The client is rapidly growing as they roll out patented, innovative designs and construction methods not yet seen in the SFR space. The client needed the ability to use a portion of the funds for a working line of credit to manage the development process smoothly.

Solutions

Loan closing occurred on a parallel track with final entitlements, with some approvals named as post-closing items within certain time windows as a way to expedite ground-breaking. The secured line of credit allows funds to be deployed off-site on factory-built improvements, then refreshed once attached to the real property. Permanent financing also can occur as a take-out upon leasing thresholds eliminating an interim bridge loan.