NEWPORT BEACH, Calif., Sept. 23, 2015 — Landmark Capital Advisors, a real estate capital advisory firm disciplined in structured finance and private equity, and SunRanch Capital Partners announced a successful $100 million financing for Portola Center South. Proceeds will be used to refinance an existing loan and provide land development funds for Portola Center South, a 626 home community on a 95.5 acre site located in the city of Lake Forest, CA.
Landmark Capital completed the complex transaction on behalf of SunRanch Capital Partners, a partnership between Sunrise Company and Baldwin and Sons, two of the most respected private residential community development companies in the Western United States. Landmark Capital secured senior debt through a bank lender, with the intent to provide capital to improve the site and deliver lots to builders in a blue-topped condition. The team representing the client was comprised of Adam Deermount, Managing Director at Landmark Capital Advisors and Terry Ruckle, Senior Advisor at Landmark Capital Advisors.
“We made the decision to begin grading and land development began in June, prior to completing the restructured financing, so that we could meet our development schedules to deliver lots in the first and second quarters of 2016. We have had a very productive relationship with Landmark Capital Advisors which gave us the confidence to commit to move forward,” said Shawn Baldwin, President of Baldwin and Sons.
“The landscape of active lenders in large scale community development has been changing rapidly and Landmark Capital’s extensive relationships allowed them to deliver attractive and well-structured financing options for Portola Center South. They are a ‘go-to’ source for seasoned development firms with well positioned projects that are ready to move forward,” added Randall Bone, CEO of Sunrise Company.
“We are excited to have executed this transaction on behalf of SunRanch. This project is a great example of our ability to navigate complex transactions and utilize our strong capital relationships to successfully meet our clients’ financing objectives,” said David Kidder, President and Managing Director at Landmark Capital Advisors.
SunRanch Capital Partners began land improvement in early June, 2015 and plans to begin selling lots to home builders by early 2016. The site, comprised of five planning areas, will be improved in one phase, taking about seven to nine months. In all, the site will consist of 569 for-sale units and 57 affordable units.
The team notes that a key aspect of completing this transaction is having excellent relationships with a large rolodex of capable lenders, permitting Landmark Capital to identify the best capital source for the deal.
“The market for large non-recourse transactions is thin and banks doing large land development debt deals is somewhat uncharted territory,” said Deermount. Because of their strong relationship with the lender, having completed multiple deals with them in the past, Landmark Capital was able to arrange financing and raise the capital needed to successfully recapitalize Portola Center South.
About: Landmark Capital Advisors, a real estate capital advisory firm disciplined in finance and private equity, works with owners, investors, and developers of commercial and residential real estate. Founded in 2011, the company raises real estate capital through institutional, private, and family office investors to finance a wide array of real estate projects. Learn more at www.landmarkcapitaladvisors.com
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SOURCE Landmark Capital Advisors