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2/20/15
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Summit Development Corporation, out of Newport Beach, has obtained $5 mil of joint venture equity capital for the re-entitlement of 76 net acres of land in the Inland Empire. The parcel is located in Western Riverside County in the city of Eastvale.
Summit Development plans to initiate improvements to the site by the end of 2015 and begin construction by April 2016, with completion planned for December 2016. The site will be developed in two phases, the first of which will contain mid-range industrial buildings from 75k sf to 300k sf. The second phase will contain business park uses as well as smaller light industrial. In total, the site will consist of approximately 2 msf of industrial and commercial space.
The complex entitlement deal was completed in less than two months by Landmark Capital Advisors. Landmark secured the joint venture equity commitment through two separate investment groups, a family office and a high net worth investor, with the intent to revise the specific plan and record a map on the site.
The team representing Summit Development was Adam Deermount, managing director, and Dave Kidder, managing director, of Landmark Capital Advisors.
The team noted that a key aspect of completing the transaction was the turnaround time. Summit had a short window of time in which to raise capital to fund an extension with the underlying land seller. Due to the short time frame, multi-faceted nature of the product type and unmapped condition of the site, it was not a fit for a larger institutional investor.
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