Santa Monica Development Project
Opportunity
In December 2010 we purchased a 15,000 square foot office building with 2 attached parking lots totaling 30,000 square feet of land in a prime Downtown Santa Monica. Through our local advisors, we identified a fast-track process to obtain entitlement to build 106 apartment units over 10,000 square feet of retail in approximately 90-days. The Entitlement phase of the project was capitalized with conventional and mezzanine debt.
Solution
With the entitlement phase completed, the land value has increased at least 2X of the original purchase price.
The construction phase of the project is expected to begin in the summer of 2012. The construction will be capitalized with joint venture equity and debt.
Results
The project is expected to be completed and stabilized in 2014 and ready for either sale or permanent financing. |
