Landmark Capital Advisors, Newport Beach, on Tuesday announced a successful $9.5 million AD&C loan and JV Equity transaction in Riverside, Ca. on behalf of home builder RC Hobbs Company, the second such deal between the parities in recent weeks.
Landmark raised both the debt and the JV Equity to buy, develop, and construct 36 townhome units on 2.96 acres in Riverside. The subject site is on Jefferson Street, less than one mile from the 91 Freeway and several blocks from Ramona High School. The homes will be inside a gated community that will offer easy access to schools, shopping, dining, entertainment, and several freeways (91, 215 and 15).
The targeted demographic is first time home buyers, primarily couples and young families. These buyers will typically purchase with low down payments using FHA financing.
The Landmark Capital team representing the client was comprised of Managing Directors Adam Deermount and Steve Sims, along with Director of Business Development, Tom Farrell.
“We are excited to have executed this transaction on behalf of RC Hobbs,” said David Kidder, president of Landmark Capital Advisors and Land Advisors, California Division. “This is the second successful transaction executed in the last two months for this client. We are proud of the trust RC Hobbs placed in our team’s ability to analyze the opportunity, source the capital, and successfully close the transaction. ”
“The scarcity of residential development, excellent infill location and the project’s pricing—at or below the FHA loan limit, were keys to making this project attractive to debt providers and equity investors,” said Adam Deermount.