NEWPORT BEACH, CA – Landmark Capital Advisors, a real estate capital advisory firm disciplined in finance and private equity, announces that it has arranged $5.0 million of joint venture equity capital for the re-entitlement of 76 net acres of land. The parcel is located in Western Riverside County in the City of Eastvale.
Landmark completed the complex entitlement deal in less than two months on behalf of Summit Development Corporation, a Newport Beach-based industrial developer and operator focused on value-add and development opportunities. Landmark secured the joint venture equity commitment through two separate investment groups, a family office and a high net worth investor, with the intent to revise the specific plan and record a map on the site. The team representing Summit Development was Adam Deermount, managing director, and Dave Kidder, managing director, of Landmark Capital Advisors.
“To close a complex transaction of this nature in less than two months is remarkable. Landmark tapped into their pool of family office investors to find capital providers who were experts in the Inland Empire industrial market as well as entitlement risk and could get their hands around the project in short order. The entire team really made a difference,” said Bryan Bentrott, principal, Summit Development Corporation.
“We are excited to have executed this transaction on behalf of Bryan and Summit. Our team was well prepared to handle the complexity of this deal and its entitlement risk. Furthermore, this project is a great example of our ability to provide sub-institutional equity solutions as a component of a broader capitalization strategy,” said Kidder.
Summit Development plans to initiate land improvement by end of 2015 and begin construction by April 2016, with completion planned for December 2016. The site will be developed in two phases, the first of which will contain mid-range industrial buildings from 75,000 s.f. to 300,000 s.f, the second of which will contain business park uses as well as smaller light industrial. In total, the site will consist of approximately 2,000,000 square feet of industrial and commercial space.
The team noted that a key aspect of completing the transaction was the turnaround time. Summit had a short window of time over the holiday season in which to raise capital to fund an extension with the underlying land seller. Due to the short time frame, multi-faceted nature of the product type and unmapped condition of the site, it was not a fit for a larger institutional investor.
About: Landmark Capital Advisors, a real estate capital advisory firm disciplined in finance and private equity, works with owners, investors, and developers of commercial real estate and residential land. Since inception, the company has raised more than $225 million of real estate capital through institutional, private, and family office investors. Learn more at www.landmarkcapitaladvisors.com