Pathfinder Partners

Pathfinder Partners, LLC is a private equity firm based in San Diego, California that makes opportunistic investments in distressed real estate assets (properties and defaulted loans), with a focus on multi-family projects. Pathfinder, founded in 2006, targets its investments in those markets that experienced the most development and construction during the 2004-2007 boom times - California, Florida, Arizona, Nevada and Texas and, to a lesser extent, Washington and Oregon. The firm also operates a Pathfinder co-branded fund in Colorado with a Denver based operating partner.

Additionally, Pathfinder provides financing for troubled commercial real estate borrowers through its R³ program (Rescue financing, Restructuring and Repositioning). The program works with borrowers to restructure, modify or repurchase commercial real estate loans via bridge financing or equity investments.

History

Pathfinder Partners, LLC was co-founded in 2006 by Lorne Polger and Mitchell Siegler. Mr. Polger is a 20-year commercial real estate attorney, most recently the head of the Real Estate and Environmental Law Team at Procopio, Cory, Hargeaves and Savitch LLP, one of San Diego's oldest and largest law firms. Mr. Siegler founded and served as the CEO of several businesses and was a partner with a boutique investment bank and a venture capital firm. Since inception, the firm has raised several Opportunity Funds with capital from private investors as well as the firm's principals. Other key Pathfinder executives are Bill Ballard and Scot Eisendrath.

Investment Philosophy

When acquiring its real estate assets, Pathfinder considers supply and demand, economic conditions and market dynamics (including occupancy trends and concessions) within the sub-market, population growth and immigration in the area, cost basis (relative to both comparable properties and replacement cost) and value relative to other investment classes. The firm capitalizes upon market inefficiencies, weakened lenders, over-leveraged investors, liquidating funds and other conditions that lead to motivated sellers.

Representative investments

Hewitt Street Lofts (2010) : Acquisition of 33 new lofts located in the Arts District of the “Little Tokyo” area in downtown Los Angeles, California

Isis Condominiums (2010) : Acquisition of 41 condominiums and of retail space located in Orlando, Florida.

Crimson Park (2010) : Acquisition of a 268-unit, 792-bed, resort-style student housing complex located in Oklahoma City, Oklahoma.

Leucadia Shores Apartments (2010) : Acquisition of a 14-unit residential apartment complex located in the coastal beach community of Leucadia (San Diego), California.

Valencia Homes (2010) : Acquisition of 22 substantially complete homes and 50 finished lots within the Valencia Homes project in Coachella (Riverside County), CA.

Colorado Portfolio (2009) : Acquisition of a Colorado residential real estate portfolio composed of 64 residential units, 108 residential lots and a multi-family development.

Blairwood Condominiums (2009) : Acquisition of 19 unfinished townhomes within the Blairwood Condominiums, a 20-unit, newly constructed townhome project in Carmichael (Sacramento County), California.

301 University Avenue (2009) : Acquisition of the loan, secured by the deed of trust, on 301 University Avenue, an office building, retail shopping center and parking lot in the Hillcrest area of San Diego, California.

Gardens at Thyme Square (2009) : Acquisition of the remaining 38 partially completed townhomes within the Gardens at Thyme Square project, a 45-townhome subdivision in Cloverdale (Sonoma County), CA.

Park West (2009) : Acquisition of 19 finished homes within the Park West project, a new, detached, subdivision in Victorville, California, a city of 108,000, located in San Bernardino County.

Fontana Pacific Homes (2009) : Acquisition of the loan on 36 substantially completed, detached homes within the Fontana Pacific Homes project in Fontana (San Bernardino County), CA.

Venture Commerce Center (2008) : Acquisition of the promissory note secured by first trust deed position, on 41,000 square feet (10 of 11 units) of the Venture Commerce Center office condominium project in Sorrento Valley - San Diego's equivalent to Silicon Valley.

Mer Soleil (2008) : Acquisition of the promissory note secured by first trust deed position, on 62 remaining units (40 of 102 units had been sold) in the Mer Soleil condominium complex located in San Diego, California.

References

• www.pathfinderpartnersllc.com
• www://pathfinderpartnersllc.com/REFI052410.pdf

External links

• Pathfinder Partners, LLC (company website)