LOS ANGELES-Johnson Capital has launched a new division for “opportunistic” development projects that need capital. Johnson Capital Opportunistic Finance will look to back projects in the $20 million to $500 million range across the US.
As previously reported by GlobeSt.com, the JCOF team just closed a $23 million senior loan secured by a stabilized portfolio of over 200 single family rental assets in California.
JCOF will advise on all property types and components of the capital structure across major US markets. But the group has a particular emphasis on the residential sector, with three primary opportunistic investment strategies:
1) Infill Development: Infill urban areas near growing transportation infrastructures where there is a shortage of residential supply and increasing demand fueled by private sector job growth.
2) Master-Planned Communities: Broken or fractured master-planned communities that need additional capital to complete land and amenity infrastructure to unlock finished lot land values. These include golf course, marina, and resort developments.
3) Residential Buy-to-Rent Strategies: Single-family homes in secondary and tertiary markets that were foreclosed upon during the recession which now have a highest and best use as rental property. These properties can qualify for longer-term conventional financing but cannot obtain that financing from federally regulated banks or government sponsored entities.
"This is a great example of how Johnson Capital continues to evolve to provide the best solutions for our customers," says Cliff Carnes, president of Johnson Capital. "In this case, our growing institutional finance platform coupled with changes in the capital markets prompted building the infrastructure to support this business line."
JCOF will be headquartered in Johnson Capital's Los Angeles office and will be led by Dennis Cisterna and Gabriel Weinert, senior executives with combined transactional volume of nearly $2.5 billion in their careers.
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