LFB was engaged by a repeat borrower to finance a 104-unit build to rent community in Palm Springs, CA. At time of funding, the project was already owned, had major offsites completed, and was in a rough graded state. Based on the borrower’s strategic acquisition, and value creation during life of ownership, LFB was able to contribute land lift value to the projects overall capital stack underwriting.

The project consists of 104 homes on 52 lots. Each lot will have a front main home at roughly 2,200 sf, with a rear ADU at roughly 1,000 sf. The front and rear home will live independent of each other and have direct street access to both units. Upon completion of the project, LFB will be assisting in the placement of long-term permanent debt on the project.