Project Description
Loan Type: Construction
Challenge
The sponsors came to Grand Pacific with a proposal to construct a 4-story apartment with an underground parking structure. From previous experience, we knew projects such as this one required:
• A capable general contractor
• Precise planning to avoid complications inherent with underground construction
• Sponsor with financial capabilities to overcome contingencies
Solution
• General contractor has under taken multiple projects of similar nature
• Sponsor has successfully invested in large quantities of real estate properties of various types
• Analyzed sponsor’s financial strength built from their investment success
The above factors helped GP’s decision in providing 100% of construction costs, all fees, and a payment reserves.