Real estate investment banking firm George Smith Partners has arranged $13 million in joint-venture equity for client Zephyr Partners of San Diego, for a 35-unit condominium community being planned by Zephyr in Carlsbad.
A statement from Los Angeles-based George Smith Partners said a New York investment management company provided the equity for the coastal project. Ocean Street Condominiums is planned for a site currently occupied by a 51-unit apartment complex that Zephyr purchased in 2011 and has since obtained entitlements to demolish.
Zephyr and the equity provider will now seek construction financing, with plans to break ground later this year and complete the project in 2014.
The project at 2303 Ocean St., in downtown Carlsbad, will include three-bedroom condos of approximately 2,210 square feet in size. It will also include luxury amenities including a resort-like pool and fitness center, the statement said.
— SDBJ Staff Report