NEWPORT BEACH, Calif., Feb. 24, 2016 — Landmark Capital Advisors, a real estate capital advisory firm disciplined in structured finance and private equity, announced a successful $9.0 million equity capital raise for Phase 1 of the Green Mountain Master Plan Community in Camas, Washington, a suburb of Portland.
Proceeds will be used to finance acquisition and construction of infrastructure for Phase I of the 283-acre project. Green Mountain is a multi-phased, mixed-use master plan, designed with an array of compatible residential and commercial uses. It will ultimately include the construction of up to 1,300 single and multi-family homes as well as 15 acres of retail and commercial. Phase I is approximately 51-acres and contains 201 single-family lots broken into three density pods.
Landmark Capital completed the complex transaction on behalf of Bluestone Northwest Communities, an experienced California-based land developer. Landmark Capital secured joint venture equity through a global private investment firm, with the intent to provide capital to purchase the entitled lots, develop the lots to a finished condition and sell the finished lots to homebuilders. The Landmark Capital Advisors team representing the client was comprised of Steve Sims, Managing Director, Adam Deermount, Managing Director, and Tom Farrell, Director of Business Development.
“Throughout this complex transaction, Steve Sims and the team at Landmark Capital Advisors delivered insightful solutions to a variety of challenges. Their in-depth analytics helped all parties to understand the nuances of the Portland MSA, and their ability to articulate the dynamic market conditions Portland is experiencing was a tremendous benefit in achieving a successful capitalization. In addition, they exhibited a thorough understanding of the non-financial aspects of real estate development, including land use issues and construction matters,” said Ralph Emerson, Chief Executive Officer and Principal of Bluestone Northwest Communities.
“We are excited to have executed this transaction on behalf of Bluestone Northwest Communities. This project is another good example of our ability to analyze a complex opportunity, identify a qualified investor, present a cogent argument supporting a significant investment, and provide the ongoing support to insure a successful close,” said David Kidder, President and Managing Director at Landmark Capital Advisors.
The team notes that a key aspect of completing this transaction was to get the capital partner comfortable entering a new market where transactional data is not as readily available as in other markets such as California. Landmark Capital, with its affiliated companies, Land Advisors Organization and Market InSite, has the unique capability and resources to gather, analyze and present information to support investment opportunities.
“The Portland residential land market has historically not had many institutional investors and is occasionally viewed as a secondary market to Seattle. Our team was able to validate the compelling investment opportunity by highlighting the unique positive attributes of the subject market including: the compelling supply/demand characteristics; the lack of competing master planned communities; and the strong economy,” said Steve Sims, Managing Director at Landmark Capital Advisors.
About Landmark Capital Advisors
Landmark Capital Advisors, a real estate capital advisory firm disciplined in finance and private equity, works with owners, investors, and developers of commercial and residential real estate. Founded in 2011, the company raises real estate capital through institutional, private, and family office investors to finance a wide array of real estate projects. Learn more at www.landmarkcapitaladvisors.com.