Ethos was first engaged to secure non-recourse construction financing for a shovel-ready Build-to-Rent community. The 111-unit development featured large-format townhomes averaging 1,571 square feet, each with garage and surface parking. Leveraging our deep capital markets expertise, Ethos structured a $34,150,000 non-recourse, fixed-rate construction loan, protecting the developer from interest rate volatility and costly rate caps while ensuring certainty of execution.
Throughout construction, Ethos continued to advise the developer and property management, underwriting stabilized NOI and positioning the project for its next phase of financing. Recognizing the value of our partnership, the developer re-engaged Ethos to arrange take-out bridge financing as the project approached 20% occupancy, with final units nearing completion. Understanding the need for a lender willing to close prior receiving a certificate of occupancy, Ethos secured a 3-year, $40,000,000 non-recourse bridge loan with an institutional debt fund at SOFR + 300 bps. The loan provided immediate cash-out at closing and included an earnout feature tied to performance milestones.
By aligning execution with our clients’ objectives, Ethos delivers more than financing, we provide confidence, continuity, and results. Thrive at Green Mountain exemplifies this approach, showcasing our ability not only to execute large, complex transactions, but also to guide developers through the full lifecycle of their projects.
Ethos Services
Associated Team Members
- Daniel Natsch
- Senior Managing Director, Partner
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- Matthew Illias
- Senior Managing Director, Partner
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