KREA was retained by Benedict Canyon Equity (BCE) in October of 2015 to begin the Underwriting / Investment Analysis for their proposed development at Portside Ventura Harbor. This began the odyssey of Portside over the next six and a half years. Upon completion of the Underwriting process, KREA published the Offering Memorandum to solicit the Equity Capital necessary to make Portside a reality.

Over the years of the project, KREA’s role expanded to:

• negotiation / creation of the JV Operating Agreement between the Developer and BCE;

• procurement of the Construction Loan facility from PNC Bank along with various loan modifications;

• Asset Manager to oversee completion of construction; lease up of Multifamily, Live/Work, Retail and Marina units;

• Owner’s Representative to protect the fiduciary obligation of BCE to its long standing investor base.

Significant challenges were overcome to bring the project to fruition including cost over runs in excess of 25% of the original budget; interest rate volatility that necessitated loan term modifications, delays resulting from SoCal brush fires in Ventura and Malibu and a Global Pandemic.