FOR IMMEDIATE RELEASE
Contact: Vincent Aviani / Chris Egger
Macy + Associates
(310) 821-5300
cegger@macyinc.com
BUCHANAN STREET PARTNERS SECURES $18.5 MILLION, 100% OF COST, CONSTRUCTION LOAN FOR BIRTCHER DEVELOPMENT & INVESTMENTS
Funding Slated for Development of Three Building, 269,000-Square-Foot Spec Industrial Campus in Established Inland Empire Commercial Submarket
Riverside, CA (January 25, 2006) - Buchanan Street Partners, a real estate investment bank,
has secured $18.5 million in construction financing on behalf of Birtcher Development & Investments
for the spec development of three buildings totaling 269,000 square feet of industrial space located
in the city of Riverside on General Drive.
"Birtcher Development & Investments had completed an off market land acquisition for some very
well-positioned Inland Empire land parcels, and charged Buchanan Street Partners with securing
100% construction financing to execute its business plan at the property," said Tom Sherlock,
managing partner with Buchanan Street Partners. "Leveraging both Birtcher's sterling reputation
as one of the Western United States' top development concerns and a forward equity commitment
from Cornerstone Realty Advisors, Bank of America was ultimately selected to provide a construction
loan covering all costs of development for three spec industrial buildings at very favorable
interest rates."
The construction loan was negotiated by a Newport Beach-based Buchanan Street Partners advisory
team including Chris Dornin and Stephen Hagerman.
"Birtcher Development & Investments has had tremendous success working with Buchanan Street Partners
to secure financing on our commercial real estate developments," said Brandon Birtcher, president
and sole owner of Birtcher Development & Investments. "This will mark my company's fourth transaction
with Buchanan Street's debt & structured finance discipline, two of which included Buchanan as my
JV partner. In each transaction, we have been very pleased with their professionalism and ability
to identify value in structuring the whole capital stack for us."
Plans for development at General Drive Business Park include the construction of three buildings
ranging in size from 79,000 to 116,000 square feet. Birtcher intends to focus its business plan
on selling the buildings to owner/users, and will commence development on a speculative basis. The
project's General Drive address provides equal ease of access to the 15, 60, 91 and 215 freeways as
well as Riverside's strong regional employment base and is located in an existing commercial
industrial infill zone.
Buchanan Street Partners offers a team of knowledgeable debt & structured finance professionals who
are specialists in advising on a wide range of capital strategies including: fixed rate loans,
construction loans, forward commitments, mezzanine loans, floating rate loans, bridge financing,
participating debt, and joint ventures. In every transaction, Buchanan Street Partners identifies
a client's unique finance requirements, pairing that need with the appropriate institutional
capital source and loan structure.
Since founding the company in 1999, Buchanan Street Partners has completed more than $10 billion in
commercial real estate investments and finance transactions as a principal investor or client
advisor. The company built its reputation as one of the top real estate investment banking
operations focusing on the markets of the western United States. In 2005, the company expanded
its capabilities to serve the national marketplace, primarily in its principal investment capacity
and self-storage finance specialty. The Buchanan Street Partners' hallmark is a uniquely
entrepreneurial spirit and operating platform, fashioned by experienced, ethical and passionate
individuals working within a supportive team structure and corporate environment.
About Birtcher Development & Investments…
Built on a legacy of integrity and the wisdom only gained from enduring economic cycles of the
past, Birtcher has become one of the premier privately held real estate companies in the Western
United States. Through the inspiration of its entrepreneurial management team and guided by a
seasoned board of advisors, Birtcher today is a leading sponsor of creative industrial, office,
research and specialized retail developments as well as a visionary in value-add industrial
portfolio investments. Founded in 1939 by Justus Birtcher, the company has become recognized
for its hands-on capabilities in every diverse aspect of real estate: entitlement, design,
development, construction management, and investment underwriting. Through the years, Birtcher
has created collaborative partnerships with many of the leading financial institutions throughout
North America. The Birtcher Development & Investment Company is solely owned by its fourth
generations President & CEO, Brandon R. Birtcher.
About Buchanan Street Partners…
Buchanan Street Partners is a real estate investment bank that provides
real estate capital for owners and developers. The firm makes principal equity investments for real
estate in a discretionary capacity, arranges debt and structured finance, is an investment manager
to institutional and private investors, offers investment sale brokerage services, and has a
specialty in self-storage finance. Buchanan Street Partners operates from offices in Newport
Beach, Los Angeles, San Francisco, Chicago and Atlanta.
