SAN DIEGO—Commercial real estate investment banking firm George Smith Partners has successfully secured $39.7 million in new joint venture equity financing for the development of The Park, a planned 13-story, 60-unit, luxury condominium project in San Diego's affluent Bankers Hill neighborhood.
George Smith Partners principal Malcolm Davies arranged the equity financing, and was assisted by assistant vice president Teddy Stutz and assistant vice president Bo Everett.
According to Davies, “The Park will be the first project of its kind in over a decade in the San Diego market.”
Davies notes that George Smith Partners was exclusively engaged by the project's developers, Zephyr Partners and LLJ Ventures, to secure new joint venture equity financing that would enable construction to begin on the ground-up development project, which is estimated to be completed in May of 2017.
“There is significant pent up demand for new high rise condo developments in the marketplace,” he explained. “Zephyr is one of the premier Southern California multifamily and residential development companies, and this project in Bankers Hill will be the latest in a line of successful developments for the company.”
Brad Termini, co-founder of Zephyr Partners noted, “A true luxury condominium project in an urban setting simply hasn't existed in San Diego until now. This project will fill a major void in the marketplace, and is garnering tremendous interest. In fact, we have already secured a dozen initial deposits for units at pro-forma prices. Moving forward, we believe that this project will be a highlight of the Bankers Hill community, further elevating this neighborhood's position in the San Diego market.”
Zephyr Partners began its work on the entitlements and acquisition of the development site in October of 2013, and LLJ Ventures become the joint venture partner for the development in August of 2014. Together, Zephyr and LLJ acquired the land in January 2015 and have been preparing the site for vertical construction.
Securing equity financing for a project in a premier location with a solid development and investment team does not seem as though it would have been a challenge, Davies noted.
“The biggest obstacle in securing the additional equity financing for this project was the projected per-square-foot sale price of the completed units,” he explained. “No other project in San Diego has ever been priced above $1,000 per square-foot, and The Park's projected pricing is just above this benchmark.”
Bankers Hill is the art and cultural hub of the city, home to some of San Diego's trendiest and most popular restaurants, museums and retail centers. Once complete, the luxury condominiums will offer unparalleled views of the adjacent Balboa Park, as well as the ocean, the bay, and downtown San Diego from many units.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
