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10/21/15
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Zephyr Partners and LLJ Ventures have obtained $39.7 mil in new joint venture equity financing for development of The Park, a planned 13-story, 60-unit for-sale condominium project in San Diego’s affluent Bankers Hill neighborhood.
Zephyr Partners began its work on the entitlements and acquisition of the development site in October of 2013, and LLJ Ventures become the joint venture partner for the development in August of 2014. Together, the two companies acquired the land in January 2015 and have been preparing the site for vertical construction.
Malcolm Davies, Teddy Stutz and Bo Everett of George Smith Partners (GSP) arranged the equity financing. GSP was engaged by Zephyr Partners and LLJ Ventures to secure new joint venture equity financing that would enable construction to begin on the ground-up development project, which is estimated to be completed in May of 2017.
Brad Termini, Co-Founder of Zephyr Partners noted, “A true luxury condominium project in an urban setting simply hasn’t existed in San Diego until now. This project will fill a major void in the marketplace, and is garnering tremendous interest. In fact, we have already secured a dozen initial deposits for units at pro-forma prices. Moving forward, we believe that this project will be a highlight of the Bankers Hill community, further elevating this neighborhood’s position in the San Diego market.”
The Bankers Hill neighborhood is home to some of San Diego’s trendiest and most popular restaurants, museums and retail centers. Once complete, the luxury condominiums at The Park will offer unparalleled views of the adjacent Balboa Park, as well as the ocean, the bay, and downtown San Diego from many units. The developers expect units to be priced at over $1,000/sf.
The Park will feature 21 three-bedroom residences; 39 two-bedroom residences; four penthouses (multi-level); six townhomes, as well as two guest suites. The project will also include two ground-level retail spaces totaling 4.3k sf.
The Park’s units will feature top-tier finishes and appliances, as well as oversized terraces totaling 500 sf on average. Residents of The Park will also have exclusive access to numerous on-site amenities, including a swimming pool and spa, a state-of-the-art fitness center and yoga studio, outdoor lounge areas with gas fire pits, and a Club Room, complete with a gourmet kitchen for hosting and catering events.
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