Real estate project seeking $1 billion debt/equity capital (funded in stages) for land acquisition and development

Industry

Real Estate

Company Type

Real Estate – Office, Retail and Residential

Location

United States – Long Beach, CA

Size

$1,000,000,000

Investment Type

Equity/Debt

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Helping Great Companies Grow

Overview

  • Seeking $1 billion of debt and equity capital (funded in stages) for land acquisition and development
  • Four mixed use towers, public spaces, convention facilities and retail plaza/restaurants
    • Office: 340,000 SF – credit anchor tenant identified
    • Retail: 60,000 SF – includes conference space
    • Hotel: 400 rooms – only legitimate five-star hotel opportunity in region
    • Residential: 1,200 units – approved for condos/multi family
    • Site: 6.2 acres
  • Exceptional waterfront location in downtown Long Beach, CA
    • situated at the terminus of the Long Beach Freeway (710)
    • bounded by Ocean Boulevard to the north, Shoreline Drive to the west and south and the Molina office tower to the east
    • fully entitled with city development agreement and Coastal Commission approval
    • expected to be the landmark commercial structure in the greater Los Angeles area
    • unobstructed views of the California coastline, Pacific Ocean, Catalina and Los Angeles basin
  • Experienced management team
    • led by Michael Lutton of Tieback Holdings
    • substantial equity investment in the project
    • successfully developed dozens of major CRE projects
Helping Great Companies Grow

Opportunity

  • Extremely difficult to obtain entitled, prime-location sites in major metropolitan areas in California
  • Expected to be the center of Long Beach’s live-work and cultural experience, including diverse, upscale dining, entertainment and visitor experiences – over 100 quality restaurants nearby
  • Close to Toyota Grand Prix, Long Beach Jazz Festival, Catalina Ski Race, Aquarium of the Pacific, and the Queen Mary
  • Business friendly environment near Long Beach Convention Center; strong convention market; robust hotel occupancy and ADR
  • Between West Los Angeles (Brentwood, Bel Air, Beverly Hills), mid-Wilshire, downtown Los Angeles and Orange County
    • metro link between Long Beach and Los Angeles is the busiest line in the US
    • visibility from much of the southern California area
    • Port of Long Beach has the most traffic in US
    • In Enterprise zone – allows for EB-5 financing
    • construction underway on a landmark $2-billion-dollar gateway bridge (50 stories high; continuously lit at night) that will terminate onto Shoreline Blvd
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Helping Great Companies Grow

Solution/Strategy

Experienced management team led by Michael Lutton of Tieback Holdings, with substantial equity investment in the project. Expertise in real estate development, finance, leasing, brokerage, management, etc.

  • Largest approved development on the California coast
    • 6.2-acre site – fully entitled and approved
    • 500-foot height approved
    • 1,200 residential units
    • 400 hotel rooms (only 5-star hotel in the Long Beach area)
    • 340,000 square feet of office space (anchor tenant identified)
    • 18,000 square feet of retail space
    • 27,000 square feet of banquet space
    • 1,763 above-grade parking; 1,956 below-grade parking
    • residential values maximized at top of building – optimum views and sight lines
    • hospitality and office portions comprise the balance of the primary tower
    • integrated retail component
    • public observatory
    • private club
    • conference facilities
    • high-end fitness center
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Helping Great Companies Grow

Management

Michael Lutton

Chairman

  • Co-founder of Tieback Holdings, LLC, which specializes in real estate development
  • 32 years of commercial and residential real estate experience in the development, management and sale of properties throughout the US
  • Developed over 15 million SF of commercial property and managed assets exceeding 120 million SF
  • Previously, served as Executive Managing Director for Cushman & Wakefield, Chairman and CEO for PM Realty Group, and President of the Irvine Company’s office and industrial divisions
  • At Irvine, had direct responsibility for Donald Bren’s (Irvine Company owner) “off ranch” portfolio
  • Left Irvine Company to acquire Houston-based distressed PM Realty Group with Jupiter Industries out of Chicago
  • Earned Real Estate Executive of the Year by Commercial Property News due to successful restructuring of PM Realty
  • Prior to Tieback, was Managing Member of a partnership with Goldman Sachs that developed the 33 story Sapphire Tower in San Diego

Randy Dunlevie

Executive Managing Director of Finance and CFO

  • Responsible for all phases of project finance, debt, deal structuring, accounting, financial reporting, taxation, budgeting, business plans, and investor relations
  • Extensive experience in finance, development, operations, acquisitions, and operations in multifamily, retail, and office. Senior Asset Manager at Argent Management
  • Oversight and financial forecasting/feasibility of a 15-acre urban redevelopment in downtown Los Angeles at 6th and Alameda
  • Previously, CFO & Senior PM at Birtcher Development & Investments
  • Managed retail and industrial property portfolio of approximately 300 tenants and 5 million SF, including the largest industrial lease contract in Southern California
  • Under-wrote all acquisition opportunities. Earlier was VP Finance and Director of Acquisitions at PLC Commercial, LLC.
  • Over-saw acquisition and development of entertainment and life-style centers ranging in size from 250,000 to 750,000 SF in major US markets
  • MS, Administration, University of California, Irvine & Los Angeles. CPA, State of California (Inactive).  US Marine Corps Veteran

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Hi. We're not around right now. But you can send us an email and we'll get back to you, asap.

Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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