THE OPPORTUNITY

• Capital markets offers for a senior facility to recapitalize Grand Terraza — a 44-unit luxury build-for-rent townhome community on a gated site in Decatur, Georgia. Proceeds retire the existing senior loan, cure contractor carry payables, fund vertical completion of the remaining buildings, and reserve interest and lease-up through stabilization. Two buildings are delivered; the balance sit on finished, permitted lots with horizontal infrastructure in place. The quoted structure is a $20,171,222 senior bridge-to-perm at 8.75% interest only with a $7,611,104 full-PIK mezzanine — zero new Sponsor cash, with $4,789,760 of incurred basis fully subordinated.
• Structures under consideration include a senior bridge-to-perm facility, a whole loan, an A/B structure, C-PACE, or a stretch senior. Pricing, term, amortization and recourse are open — respondents are invited to quote to their program. Full diligence materials, including the Financial Underwriting Report, development budget, general ledger reconciliation and title package, are available in the deal room upon execution of a confidentiality agreement. All offers are due Thursday, July 23, 2026 at 3:00 PM Eastern. Target closing is August 31, 2026.

INVESTMENT HIGHLIGHTS

• Completed collateral, not speculation - 12 finished residences and 32 infrastructure-complete homesites
• A Note alone covers the incumbent takeout 2.09x - the B Note is completion capital, not rescue capital
• Documented basis - lender-commissioned October 2025 appraisal supports $12.8M of existing collateral
• Structurally scarce 4BR garaged townhomes - zero competing townhome supply under construction in the submarket
• Demand anchors - Emory, CDC headquarters, VA Medical Center, and downtown Decatur within 20 minutes
• CoStar-validated underwriting sits below the luxury segment effective rent (June 2026)
• Corporate rental program adds lift of stabilized NOI beyond the underwritten base
• Zero-raise A/B execution - a single credit decision funds takeout through stabilization