South Coast Communities Development Gets $19M

LOS ANGELES—Presidio Residential Capital has invested $18.7 million in South Coast Builders, an affiliate of South Coast Communities, development project in Baldwin Hills. The 51-unit development sits on 3.6 acres, which formerly housed a church and school. Construction efforts will launch later this year.

Presidio Residential provided all of the capital to fund this project, which is not unusual for the company. “Presidio provides substantially all of the investment dollars need on the projects we fund,” Don Faye, principal and Presidio Residential, tells GlobeSt.com. “We do not bring in other investors on our projects although on occasion we will use Bank debt for some of the necessary funding.”