Case Study Plaza Grande at Garden State Park

Project Brief

Additional funds were needed to complete the development. Equity partners desirous of new capital stack to replace both Debt and Equity.

Challenge

• Development in mid-stream was affecting leasing velocity

• Existing Lenders hampering development to completion due to internal balance sheet constraints

• Equity Partner’s limited desire to increase investments

Approach

OPAS, together with a sponsor, redeveloped the proforma of cost to complete development by deployment of economies of scale, to build all outstanding phases at once for full completion, thereby, enhancing desirability of the project and lowering cost.

Outcome

With a competitive bid process, a lender was selected to provide all the capital needed to finish the project at a cost of capital significantly lower than the existing lenders.