Denver Firm Financing Land Acquistion for SoCal Residential Development

SAN GABRIEL, CA-Denver-based JCR Capital has closed a $30-million equity joint-venture facility for the acquisition of undervalued land in California primarily for residential development. This is the sixth facility JCR has provided since May of 2010, totaling over $100 million of equity commitments. As part of the program for investment properties within the facility, the joint venture partner will acquire undervalued land and exit through sale of the properties to third-party homebuilders/developers for the construction of residences.

The initial transaction within the facility is the acquisition of two adjacent parcels in the San Gabriel Valley, totaling 8.25 acres. The properties will be site-planned and developed for 133 residential lots and one commercial tract. The new facility is providing $7.5 million toward acquisition, architectural, and development costs for the properties.