Jennifer Little or Karen Epperson, Amies Communications
Cell: 949-235-7690 / Office: 949-863-1910 x210
PCCP, LLC COMPLETES DISCOUNTED NOTE PURCHASE AND SUBSEQUENT FORECLOSURE OF
RESIDENTIAL COMMUNITY TOTALING 291 LOTS
EL SEGUNDO, Calif., August 17, 2009 – PCCP, LLC, a full-service real estate investment firm and lender, today announced that through foreclosure proceedings completed on August 11 it now owns the Folsom Treehouse master-planned residential community located in Folsom, Calif. On March 31, 2009, PCCP acquired the discounted note from the FDIC and United Commercial Bank. The FDIC held 60 percent of the loan and United Commercial Bank held 40 percent as a loan participant. The loan, originally valued at $22,521,230, had been in default since August 2008.
“Our strategy is to focus on distressed real estate that needs the workout expertise, recapitalization experience and fresh capital that PCCP can provide to add value to the project and bring it to the market,” said Jim Galovan, vice president, PCCP. “The upside here is that through applying that expertise we have now gained control of a desirable development in a well-located community at a very attractive basis.”
PCCP now plans to build out the project with its joint venture partner Signature Properties, Inc., a home builder located in Northern California. The 24.95-acre development encompasses 291 finished lots, which include 99 single-family detached units, 164 finished condominium lots and 28 for sale constructed and partially constructed homes.
Located at the cross roads of Prairie City and Iron Point Road in Folsom, the community features two product lines known as Hideaway and Outlook. Hideaway is a detached product in four to six unit clusters that range from 1,296 to 1,930 square feet of living space. The original project developer did extensive landscaping to create outdoor lifestyle amenities to complement the neighborhoods. Outlook consists of one- and two-story townhouse/condominium units that range from 1,175 to 1,377 square feet of living space. Homes in the community are surrounded by mature trees, with direct access to a trail system that connects to a nearby reservoir and other trails located throughout Folsom.
According to Galovan, Folsom is located in a highly desirable submarket that PCCP has also targeted for investment in the past. Folsom has a strong job base anchored by the 7,000-employee Intel campus. Moreover, the area currently has a very low inventory of new homes coupled with a sought-after high-end demographic profile as demonstrated by the average median income of $95,000.
About PCCP, LLC
PCCP, LLC, formerly known as Pacific Coast Capital Partners, is one of the premier providers of opportunistic debt and equity capital for real estate in the United States. With offices in Los Angeles, San Francisco and Sacramento, California, PCCP is known for its ability to underwrite complex situations and craft effective solutions. PCCP provides capital to the entire spectrum of real estate projects and capital structures and is actively seeking to buy whole loans and to recapitalize quality projects. Visit PCCP online at www.pccpllc.com.
About Signature Properties
Offering a rich tradition of homebuilding excellence, Signature Properties continues to develop some of the most celebrated new home communities in Northern California. With more than 25 years as an industry, Signature Properties has more than 70 residential communities and 6,000 homes throughout the Bay Area and Sacramento region. Whether award-winning, master-planned communities, single-family homes, townhomes, condominiums, or commercial and retail properties, Signature Properties possesses expertise in all aspects of building, including innovative design and planning, quality construction, and a commitment to long-term customer satisfaction.