Landmark Capital is pleased to announce the successful acquisition financing of Analisa Lane, a 1-acre site in Walnut Creek, CA. Proceeds will be used to build 11 high-end townhomes.
The total equity amount of $2.6 million was too small for most investment groups. Furthermore, many potential investors were reluctant to invest in a high-end project with sales being underwritten at close to $1 million per unit.
Landmark had a relationship with a local investment group familiar with the location who was willing to take on a smaller project and understood the local demand for high-end product. To improve the overall cost of capital, Landmark also advised the client on a bridge loan from a local bank ahead of land development and vertical construction.