Foley BTR Bridge
StackSource recently arranged financing for a joint venture development group out of California and Louisiana. The group has extensive experience in both conventional multifamily development as well as single family home development. Although, more recently, they have ventured into build-to-rent communities (BTR) in the south. They went under contract for a key piece of land in Baldwin County, Alabama which has seen more growth over the past two years than any other county in Alabama. Freddy made the introduction with the lender and borrower on June 16th. The lender was able to close the deal within three weeks without an appraisal. Freddy secured the $650k of debt at 65% LTV to secure the land for the BTR development. Freddy is looking forward to continuing his relationship with the investment group as they grow their portfolio in the south.