Max Benjamin Partners (MBP), a boutique real estate advisory firm that provides innovative capital solutions to developers and investors, announced that it has secured a $116.2 million refinance loan for investor and developer Adam Tancredi for the development of 214 build-for-rent homes located on 17 acres of land at 3138 Linne Road in Paso Robles, California.
Jason Moyal and Drew Rands of Max Benjmain Partners (MBP) secured $116.2 million in financing for the development of the project.
“The Central California Coast continues to have a significant housing need with no relief in sight,” said Tancredi. “We are confident in our business plan to significantly impact this community is expected to see continued economic and population growth for the foreseeable future.”
Located within the Vinedo master planned community, the build-for-rent community was designed by Daniel Gehman of Danielian Associates and will feature a resort-style pool, fitness center, clubhouse and community gathering spots with fireplaces, bocce court and dog park. The homes will range from 1,395 square feet to 1,701 square feet, offering two and three bedroom homes with Accessory Dwelling Units ranging from 663 square feet to 847 square feet. Interior features include stainless steel appliances, European-style cabinets and Quartz kitchen countertops. Rents will average $2,600 for the one-bedroom units and $3,000 to $3,700 for the two- and three- bedroom units.
3138 Linne Road in Paso Robles is within a new 280-acre master-planned community with an exceptional amenity package, including several parks and trail system surrounded by vineyards.
“The overall construction lending market has evolved with high interest rates and a reluctance by lenders to lend, creating a challenging environment,” said Jason Moyal, MBP Managing Director. “We need to look for alternative and creative sources of financing to help investors reach their goals.”
Based in Beverly Hills, California, Max Benjamin Partners is a commercial real estate investment bank financing, placing debt and equity nationwide across all asset classes including multifamily, office, retail, hospitality industrial and self-storage. The firm incorporates extensive capital markets knowledge and specializes in large construction financing throughout the U.S.
