StackSource arranged approximately $25 million dollars of financing for a large, master planned development in Charlotte, North Carolina. The Sponsor, a Charlotte-based developer, was seeking non-recourse financing for the acquisition and development of the first phase of a 1700 lot development.
StackSource Capital Advisors Omar Sobhy and Zach Wagner were able to negotiate non-recourse, senior construction financing from a debt fund focusing on land development financing. The loan was coterminous with the builder takedown schedule and a full interest reserve was structured.
The sponsor is a repeat StackSource client, having worked with StackSource Capital Advisors Omar Sobhy and Zach Wagner on a previous development project, which closed earlier in 2021.