Connecting Clients To Our Real Estate Capital
Our clients say we are true team members from the very beginning through the very end.
The link below highlights several deals where Mansfield has invested capital and/or acted as a Principal on several opportunities. In 2018-19, we partnered with a LA based developer buying urban multi family sites (to entitle) and potentially build. The equity needed was between $500,000- $3,000,000--- which often is below the aims of equity/family office funds.
Further, Mansfield has also raised private debt/ preferred equity on select deals that appear opportunistic (due to timing or returns). We syndicated a $2,500,000 preferred equity slug on a value add retail opportunity in Denver and a $800,000 2nd trust on a residential portfolio.
In 2018, we saw an opportunity to raise $4m of equity on a $14,000,000 multifamily portfolio in Virginia. We underwrote the project over a 2x equity multiple – and located a family office who appreciated a tertiary value add deal in this sector. We invested alongside the syndicate and remained involved on asset management.
The more we Do the more we Know… giving us the flexibility / speed to react to our clients needs.
Transit Oriented Communities Affordable Housing Incentive Program
Living in Los Angeles can often have its ups and downs. Any LA native knows all about recurring congestion in traffic. As California’s population keeps on growing, the City of Los Angeles has passed an ordinance that has created incentives for developers and investors citywide. In September of 2017, the City of Los Angeles adopted the “Transit Oriented Communities Program Guidelines” (TOC Guidelines).
The TOC was created to help resolve the shortage in housing and specifically low-income housing, using the new improved public transportation. It gives density bonuses of 50% to 80% and reduces parking requirements from flat 1 parking per unit (no meter size), to zero parking. In return, it requires the developer to provide from 8% to 25% low-income apartments. The goal is to build housing located in close proximity to major transit stops and to create less of a need for residents to rely on their vehicles to commute.
The opportunity does not only benefit our community housing needs but also pushes investors to invest in these larger projects.
Current Real Estate Development Projects
1114 North Heliotrope
Purchased in November 2019. Property is 6,800 sf of land being entitled to build 26 units. The location sits 2 block from Metro at Vermont and Santa Monica giving it a TOC Tier 4 which absolves the building from providing parking spaces.
We also control the adjacent property allowing us to market the entitled project for 52 units.
Entitlement is on track for Q3 RTI and for a 2020 sale.
1450 South Orange Grove
TOC Tier 3 project in an exploding submarket near Pico Blvd/Fairfax Blvd. 5 story building over basement garage.
Building will be 12,000 sf. Purchased in December 2018. Currently with a 3 unit apartment building 100% occupied.
Projected RTI in June 2020 for 16 units and 8 parking spaces.
836 42nd Place
13,000 sf parcel currently occupied by 4 apartment tenants.
Property being entitled for 31 units , 4 stories over above grade garage. Total building will be 31,275 sf. Closed on the site October 2018.
Approximately one mile from USC campus. TOC Tier 3.
7311-7315 S. Figueroa
The Figueroa property has adjoining lots purchased in July 2018.
It is located 3.5 miles from the new LA Rams Stadium and currently has 3 tenants paying rent. It is TOC approved to build 50 units (Tier 2) on a 13,000 sf double lot.
The building including parking expected to be 43,000sf. Estimated NOI $606,000.
The Oceanview property is located in Westlake near St Vincent’s Hospital and is approved for a 24 unit apartment building. Tenants will have downtown views from 2ndfloor and up.
As a Tier 3 project—Ocean View will total 14,475 sf with 12 parking spaces. Estimated NOI is $347,000.Property was purchased in June 2018.