Thursday, January 17, 2013

George Smith Partners Secures Joint Venture Partner for Coastal Condo Development

Malcolm Davies
LOS ANGELES, CA (Jan. 17, 2013) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $13 million in joint venture equity for its client, Zephyr Partners, which will assist the firm in beginning the development of a new, 35-unit luxury condo community called Ocean Street Condominiums, in Carlsbad, Calif., according to Senior Vice President Malcolm Davies.

Ocean Street Condominiums will be located at 2303 Ocean St. in downtown Carlsbad, Calif., within walking distance to the ocean and Buena Vista Lagoon. The project is estimated to be completed in 2014.

Carslbad, CA view of Pacific Ocean
The new joint venture partner for the project, a New York- based investment management company, provided the $13 million of equity for the coastal property where Ocean Street Condominiums will be built. 

  The property, which is currently occupied by a 51-unit apartment complex, was purchased by Zephyr in 2011.  Zephyr also holds the necessary entitlements to demolish the current structure.

Zephyr and the investment management company are now positioned to seek construction financing, and plan to break ground on the Ocean Street Condominium project in 2013.

“We arranged this partnership through our Equity Introduction Program, through which our team connects our clients with joint venture partners prior to the identification of a specific project,” explained Davies.

  “Through this process, we are able to more easily marry the needs of clients requiring equity with investors looking for projects in which they can invest.”

For a complete copy of the company’s news release, please contact:

Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

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