FOR IMMEDIATE RELEASE
Contact: Lauren Smith / Greg Young
IDEA HALL
(714) 436-0855 ext. 23 / 25
lauren@ideahall.com /
greg@ideahall.com
BUCHANAN STREET PARTNERS HITS $550 MILLION IN CLOSED DEALS FOR FIRST QUARTER
Class "A" office and condo development fuel a busy Q1 for Real Estate Investment Bank
Newport Beach, CA (April 14, 2006) - Buchanan Street Partners, a national real estate investment
bank, finished the first quarter with $550 million in closed agency deals already wrapped up, financing
a range of product types that reflect continuing strength in all sectors of the real estate market.
"The first quarter has really underscored how clients value our product diversity and business
standards," said Robert Brunswick, Buchanan Street Partners president and CEO. "It is extremely
competitive in the commercial market and financing continues to grow in sophistication, requiring
more creativity, better relationships, absolute transparency and, often, direct access to equity and
mezzanine capital."
The firm, well-known for its comprehensive platform of debt and equity financing, arranged financing
for several high profile projects during the first quarter. These include a class "A" office tower
development adjacent to Orange County's John Wayne Airport, loft condo conversions in the "Artist
District" of Los Angeles, and office to condo conversions in San Francisco's "Financial District,"
among others.
Some of the financings completed by Buchanan Street Partners in the first quarter included:
- $59.5 million in financing; $49.5 million as a bridge loan and a $10 million mezzanine loan, funded through a pension fund to finance the condo conversion of a class "C" office building in San Francisco. The property, well located at 74 New Montgomery Street, is a historical building and the conversion was approved with unusual speed by the planning commission.
- "One of the reasons we trust Buchanan Street Partners is that they consistently deliver at every level," said Tom Owens of Sagamore Equities. "They know how to get things done, even if the situations surrounding a deal are unusual, if the time constrains are prohibitive or if the financing requires hybrid solutions."
- $85.6 million in construction financing on behalf of Hines for a 267,735-square-foot, class "A" office tower to be built at 2211 Michelson in Irvine; a mile from the John Wayne Airport. A European bank funded the loan.
- $151 million in financing for Bancroft Capital to develop Peloton, a 390-unit condo community in Boulder CO. Debt and equity was procured through a private lender.
- $27.8 million bridge loan coupled with $7.6 million in equity for the acquisition of 59 loft apartments and the conversion of an existing industrial building to 19 more units. The property located at 2121 and 2135 E. 7th Place, in Los Angeles' "Artist District" was financed through a California based bank while the equity was contributed by an institutional equity investor.
- $26.3 million of total capital, consisting of $22.5 million in loan proceeds and $3.8 million of joint venture equity, the development of 70 attached single-family residencies in Rialto, Calif. Vineyard Bank funded the acquisition and development loan for the 6.82-acre site while an institutional investor provided the equity.
- $17.5 million construction loan for Tourney Road Investments, LLC for the development of 105,600 of Class "A" office space on 6.5-acres in Santa Clarita. Wells Fargo Merchant Bank funded the loan.
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.
Recent transactions include securing an $18.5 million loan for Birtcher Development and Investments
for the construction of a 269,000-square-foot industrial campus in the Inland Empire. Buchanan Street
Partners operates from offices in Newport Beach, Los Angeles, San Francisco, Chicago and Atlanta.
