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9/27/22
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Leap of Faith Partners (LOF) has obtained a total of $66.9 mil of funding for a 125-unit, 10k sf mixed-use development in the city of Ventura. The financing consists of $14.5 mil in common equity and $52.4 mil in construction financing for the project, located at 2055 N. Ventura Ave.
The ground-up development sits on a six-acre site and is in the final stages of entitlement, with groundbreaking expected in Q3 2021.
Matt Bucaro and Frankie Paparella at Los Angeles-based Tauro Capital Advisors arranged the construction financing. It includes $30 mil coming from a senior lender and $22.4 mil from C-PACe (StoneHill), on a 24-month term.
“The developer was originally sourcing LP Equity for this transaction which would have given them $6 million in cash out based on the imputed land value. The LP investor backed out of the transaction, so they hired us to source high leverage debt,” said Bucaro. “We were able to structure a senior lender + C-Pace which required no more cash to close and the sponsor keeping all of the profit.”
Leap of Faith (LOF) is a developer, builder, and owner of residential and commercial real estate in Los Angeles and has more than 50 years of development, construction, entitlement, and financing experience cumulatively between LOF principles. The company specializes in state-of-the-art materials and modular building techniques. In the last five years LOF completed and sold 17 buildings in Los Angeles and is currently developing 132 residential units in California.
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