SAN DIEGO, Oct. 1, 2014 /PRNewswire/ — Fident Capital secured $14.2 million of real estate project financing for the acquisition, entitlement and development of two properties in Riverside and San Diego County.
Combined, the projects will create more than 600 multi-family units and convert each property into highly profitable real estate assets.
“We navigated through many obstacles to make these deals happen, including a litigious borrower, legacy lender issues, complex entitlements and competitive bids,” said Kevin Choquette, Principal of Fident Capital. “In both opportunities, the risk/reward equation looked very favorable. Deals with this kind of risk are where we thrive. We have the capacity to unwind them and strong relationships with capital providers who have an appetite for this kind of project. We’re excited to be able to make this happen for our developer clients.”
The Riverside County real estate development involves 25.37 acres in Murrieta that was acquired by Zephyr Partners. The plans are to develop a multi-family site of approximately 550 market rate apartment units with the full array of community amenities. The land is located on Meyers Lane and Los Alamos Road and had no entitlements at the close of escrow.
The real estate project in San Diego County involved the acquisition of a note that was secured by Spring Valley land, including six acres entitled for 88 condos and an additional 44 acres approved for resort development. The note purchaser, the Douglas Wilson Companies, has already perfected the foreclosure and taken fee title to the asset. The condo portion of the property will be sold and the remainder re-entitled for a residential development with neighborhood-serving commercial uses.
“The interest in such opportunities is growing, both developers and equity partners see that distress is behind us and are willing to take on riskier projects,” said Choquette. “What’s more, development and entitlement plays are seeing significant capital support. It’s a sign of things to come and we’re staying ahead of the curve to bring investors and developer together on strong projects like these.”
About Fident Capital
Fident Capital secures investment capital to support the entrepreneur’s vision on “risk projects” including speculative developments, redevelopments, and repositions. By leveraging its network of relationships, experience in deal structuring, institutional analysis and creativity, the company efficiently markets to and secures capital partners appropriate for the inherent risks of a project. More information is available at www.fidentcapital.com.
SOURCE Fident Capital