SAN GABRIEL, CA-Denver-based JCR Capital has closed a $30-million equity joint-venture facility for the acquisition of undervalued land in California primarily for residential development. This is the sixth facility JCR has provided since May of 2010, totaling over $100 million of equity commitments. As part of the program for investment properties within the facility, the joint venture partner will acquire undervalued land and exit through sale of the properties to third-party homebuilders/developers for the construction of residences.
The initial transaction within the facility is the acquisition of two adjacent parcels in the San Gabriel Valley, totaling 8.25 acres. The properties will be site-planned and developed for 133 residential lots and one commercial tract. The new facility is providing $7.5 million toward acquisition, architectural, and development costs for the properties.
“JCR continues to identify and partner with experienced sponsors who have the infrastructure, deal flow and investment strategies to exploit excellent opportunities,” said Jay Rollins, JCR's CEO. “All they need is to have certainty that capital is readily available and flexibly structured. JCR's facility structures provide these sponsors with exceptional certainty of execution and a competitive advantage in the marketplace.”
JCR is a market leader in providing sponsors with debt and equity facilities that are structured similar to private funds, enabling sponsors to focus on investing and avoid time-consuming capital raise road shows.
JCR Capital is a real estate finance company providing capital solutions to middle market sponsors. JCR provides bridge loans, preferred equity, mezzanine loans, and equity financing for value added, distressed, and opportunistic transactions.
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