
HOLLYWOOD, CA
LP DEVELOPMENT

VALUE-ADD

SEATTLE, WA
VALUE-ADD

PORTLAND, OR
LP DEVELOPMENT

NORTH HOLLYWOOD, CA
LP DEVELOPMENT

SAN FRANCISCO, CA
PREDEVELOPMENT JV (CO-GP)
MULTIFAMILY JOINT VENTURES
MULTIFAMILY
JOINT VENTURES
Strategy
Development & Value-Add
Markets
Seattle
Portland
SF Bay Area
Orange County
Los Angeles
San Diego
Denver
Portland
SF Bay Area
Orange County
Los Angeles
San Diego
Denver
Equity Check
$5 Million – $25 Million
Hold
3 – 5 Years
Equity Investment Strategies
Limited Partner (LP)
- Initial LP Equity Funded 80-95%
- 3rd Party Senior Financing
- Preferred Return + Promote Waterfall
- Hold 36-60 months
- Predevelopment cost sharing
General Partner (Co-GP)
- Initial GP Capital Funded 50-75%
- Pacific to provide lender credit enhancement, if necessary
- 3rd Party LP equity OR Pacific to provide LP equity
- 3rd Party Senior Financing
- Preferred Return + Promote Waterfall
- Hold 36-60 months
- Predevelopment cost sharing
Preferred Equity
- Up to 85% LTC
- 9-13% PIK
- Co-Terminus with Senior Lender
CASE STUDY #01
DEVELOPMENT JOINT VENTURE (LP)
Axletree
Portland, OR
Investment Date: June 2018
Expected Realized Date: June 2021
Business Plan
Form Development JV to build 110 units with 7,000 sf of ground floor retail located across the street from a MAX light rail station. At close, the project was fully entitled with a 3rd party GMAX and 3rd party construction financing in-place.
Structure:
- $30,800,000 total project capitalization
- 90/10 initial equity
- 70% LTV construction loan
- Preferred return + promote
- Expected to sell shortly after stabilization
CASE STUDY #02
VALUE-ADD JOINT VENTURE (LP)
Entrada
San Diego, CA
Investment Date: August 2018
Expected Realized Date: December 2021
Business Plan
Form Value-Add JV to acquire 172 units in downtown San Diego, and execute a complete renovation on all common areas, exteriors and unit interiors.
Structure:
- $52,000,000 total capitalization
- 85/15 initial equity
- Preferred return + promote
- 70% LTV bridge loan
- Expected 2-3 year hold to execute renovations, stabilize and sell.
CASE STUDY #03
Predevelopment Jv (Co-Gp)
1560 Folsom
San Francisco, CA
Investment Date: August 2018
Expected Realized Date: August 2021
Business Plan
Form Predevelopment Co-GP JV to fund land deposits and soft costs necessary to obtain entitlements for a 215-unit project with 3,850 sf of ground floor retail in San Francisco’s SOMA neighborhood.
Structure:
- $4,000,000 total predevelopment capitalization
- 75/25 initial equity
- Upon obtaining entitlements JV will either market for the site for sale, or form vertical venture to construct the project.