SOURCE: Presidio Residential Capital
SAN DIEGO, CA--(Marketwired - Feb 4, 2014) - Presidio Residential Capital announced today that it handled 53 transactions including loans, sales and joint ventures in 2013 and plans to keep up the momentum in the coming year. The San Diego-based real estate investment company had committed $331.4 million to loans, land purchases and joint ventures as of December 31, 2013.
"Our goal for 2014 is to repeat the level of activity that we accomplished in 2013," said Presidio principal Don Faye, a 30-year veteran in the real estate finance industry. "We see the next two to three years as being ideal for investing in the residential sector, and we will continue to pursue top-tier developers and builders in solid markets from Texas, the Rockies west, where housing supply is tight and capital is relatively scarce."
The company has funded single-family projects in five Western states, including California, where it has several major developments underway. In October, Presidio announced a partnership with Alta Verde Group to build Alta Verde Coral Mountain, a $43 million community in the Coachella Valley (www.altaverdecoralmountain.com).
Presidio has committed more than $38.7 million to build nine new communities comprising 638 new homes in the central coast of California. And it provided $8.2 million to build the first phase of the Golden Hill Row Home Project, an $18.8 million multifamily housing community that Fit Properties is developing in San Diego.
Presidio also has launched its own homebuilding company, San Joaquin Valley Homes based in Visalia, Calif., and has committed $68.5 million to build five new communities with a total of 751 new homes in this underserved area of Central California.
Presidio closed on two projects in early January and has more than 20 additional projects in the pipeline.
"We are very excited and optimistic about the coming year, and we're off to a fast start," Faye said.
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides both levered and non-levered equity and non-recourse construction financing for for-sale residential focused development opportunities throughout the Western United States. Presidio has infused more than $250 million into the economy to capitalize housing development and construction. The firm's goal is to fund in excess of $500 million in debt and equity for home building projects in the Western United States, and currently has investments in California, Hawaii, Texas, Idaho and Washington. The firm is affiliated with a privately-held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home building sector. Current assets under management total more than $2 billion. Presidio is a member of the Building Industry Association of San Diego. www.presidioresidential.com