Friday, March 31, 2017

Malcolm Davies Returns to George Smith Partners

Malcolm Davies
LOS ANGELES, CA - Malcolm Davies, who was with commercial real estate investment banking firm George Smith Partners from May of 2011 through June of 2016, is returning to George Smith Partners following eight months with HFF.

“While I have the greatest respect for HFF, George Smith Partners’ unique and entrepreneurial culture is one that completely resonates with me,” explained Davies.  “George Smith Partners offers me the best overall experience and platform to best serve my clients.  I am very pleased to once again be a Principal of this fine firm, and to be part of our recently announced growth initiative.”

Over the past six years as an investment banker, Davies has been involved with nearly $2 billion worth of financings. In addition to this work, he spent the previous 12 years as a San Diego commercial real estate developer and investor.

Prior to joining George Smith Partners, Davies was involved in more than 30 real estate partnerships where he acquired, managed and sold multifamily, office and mixed-use real estate properties worth in excess of $285 million.

Davies holds a Bachelor of Science degree in Regional Development from the University of Arizona.

Davies is one of seven principals at George Smith Partners.

Miki Conant/Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Continental Partners Secures $54 Million in Financing for 244-Room Ritz-Carlton Luxury Resort in Rancho Mirage, CA

Ritz-Carlton Rancho Mirage Resort, 68900 Frank Sinatra Drive, Rancho Mirage, CA

Mitch Paskover
 RANCHO MIRAGE, CA – Commercial real estate investment banking firm Continental Partners has secured $54 million in fixed-rate, non-recourse, interest-only refinancing for the Ritz-Carlton Rancho Mirage, a 244-room luxury resort in Rancho Mirage, California. The financing was arranged by Continental Partners President Mitch Paskover.

“When it comes to financing hotels, many lenders remain somewhat conservative and are hesitant to advance higher leverage loans,” explains Paskover. “The hotel sector has demonstrated steady growth over the past several years, yet some lenders believe that the market is reaching its peak as occupancies stabilize and average daily rates moderate.

“That said, while some capital sources are tightening their underwriting standards, there is still strong lender appetite for well-located hotels with solid financials and high ADRs.”

The sponsor, a private real estate investor and developer, had requested an interest only, fixed-rate, non-recourse loan to replace the maturing construction loan to buy out their existing partner in the deal.

The Ritz-Carlton resort represents one component of an expansive mixed-use project that was to be developed in two separate phases. The first phase included the renovation and conversion of an existing hotel into a luxury resort and the addition of 16 for-sale residences.

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

Lauren Burgos
Junior Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940

Verzasca Group Tops Off Construction at Le Jardin Residences and Pearl House in Bay Harbor Islands, FL

Tim Lobanov
BAY HARBOR ISLANDS, FL  – Verzasca Group has announced the topping off of construction at Le Jardin Residences and Pearl House in Bay Harbor Islands. The luxury condominium projects are part of an intimate collection of boutique residences, along with Aurora in Sunny Isles Beach.

The developer is on track to deliver units at Le Jardin and Pearl House to buyers during the third quarter of 2017. Verzasca began construction of both projects during spring 2016. The projects are 75 percent sold.

“We are thrilled to have reached this construction milestone,” said Verzasca Managing Director Tim Lobanov. “We look forward to the final stretch of its completion. It has been exciting to be at the forefront of the emergence of Bay Harbor Islands with our projects.”

A 30-residence community located at 1150 and 1160 102nd Street, Le Jardin has two and three-bedroom units ranging from 1,385 to 2,235 square feet. Pearl House is an exclusive 15-resident community at 11701 101st Street and offers two-, three- and four-bedroom apartments.

The projects feature amenities such as a private garden, rooftop swimming pool and panoramic views of the Atlantic Ocean, Downtown Miami, Bal Harbour, Miami Beach and Key Biscayne. Unit prices at Le Jardin and Pearl House range from the $700,000s to $900,000s.

Both Le Jardin and Pearl House are located in one of Miami-Dade County’s top school districts, with Ruth K. Broad K-8 Center within walking distance.

“Buyers from the local market and around the world are discovering Bay Harbor Islands as a desirable neighborhood to live in,” said Lobanov. “It offers the ability to buy luxury residences at attainable prices, the exclusivity and beauty of island living and access to major destinations like the Bal Harbour Shops.”

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

Eric Kalis
Account Director,
O 954-370-8999
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322
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