DE Land Development Project
StackSource recently arranged a $10.2 million loan for a land development project in Delaware. The project consists of 158 single family home lots and has been presold to a national builder. Sponsor has over 20 years of real estate development, entitlement, and construction experience, having completed nearly $150 million of successful development projects.
StackSource Capital Advisor Omar Sobhy arranged the $10.2mm financing, which represents 81% of total project costs. The revolving loan was financed through a $6mm revolver with Prime + 1 pricing along with a floor of 4.25% from a local bank.