A Fident Capital principal contributed to securing $9M of joint venture equity for the acquisition and entitlement of 5 city blocks covering approximately 6 acres in coastal Oceanside, CA. This exceptional coastal infill site was previously owned by the Railroad (who provided some seller carry) and presented considerable entitlement challenges due to the specific plan overlays and California Coastal Commission oversight. Site plans called for 174 residential units, 124 hotel rooms, and 40,000 square feet of retail.
Financing challenges included understanding and explaining the impact that the California Coastal Commission and Oceanside’s Local Coastal Program would have upon the complex city center zoning for the subject property. Additionally, the long vacant land was in an area with few condominium comparables which made establishing the retail sell out value difficult.
Equity was sourced from a Native American growth fund.