Cornerstone is fortunate in that we’re sought after by a greater array of equity providers than there are viable deals we’re chasing. That puts us in the enviable position of being able to choose with whom we do business. Thus we only do business with people and organizations we trust and enjoy. With that criteria, we consider ourselves privileged to do business with Presidio. Their decision making process is horizontally structured, eliminating the multilayered vertical approval process most equity partners require. They work with us on drilling down into deals and brainstorming how best to structure terms to our mutual benefit. Presidio and its team members are true partners, and they bring a lot to the table.
We have done two transactions with Presidio and BlackPine Communities and are currently working on transactions three and four. We were impressed with their quickness and fairness and market knowledge. We know that Lewis Group will enjoy very much working with Presidio on future developments. We value our friendship and relationship.
Don and Paul and their team are very down to earth people but also smart, sophisticated business people. They said they wanted to be our partners, and man, have they ever lived up to that statement. If we hit a bump in the road or a roadblock, they jump in there and help work things out. Don and Paul are always just a phone call away, and that is so comforting. These are the kind of people we can do business with.
Over the past 12 years we have participated together in excess of $150 million in equity transactions involving the development and construction of over $2 billion of real estate. This was accomplished by using Presidio’s common sense approach and non-bureaucratic process.
It is my honor to be a joint venture partner with Don Faye and Paul Lucatuorto, as we have been working together for over 20 years. I have the ultimate respect for Don and Paul, and the Presidio team has gone above and beyond in working with Pebble Creek. We know we can count on Presidio no matter what comes up. They respond quickly when problems arise and always work proactively to make our joint projects the best they can be.
Privately held Los Angeles-based homebuilders have become a rare breed. The best opportunities in our market are often complex, capital intensive and unforgiving. Don and Paul have proven to be very smart and steadfast partners. Alongside our seasoned team, Presidio has financed projects that less builder-centric capital would have passed on. The Presidio program has allowed Williams Homes to execute a fantastic business plan. It’s a true partnership.
California West and Presidio both focus on the importance of quality and longevity as part of their philosophy. Our partnership with distinguished capital partners Don, Paul, and their team, allows us to create exclusive neighborhoods like Westerly at Rancho Tesoro in San Marcos. Presidio has taken the time get to know builders like us well, so we can execute successful projects together. They handle questions and concerns with immediacy and the highest level service.
Presidio Residential Capital fills an urgent need in the real estate industry right now – development and construction equity for private builders.
Coastal Community Builder’s involvement with Presidio has been extremely beneficial. Together, we’ve been able to purchase and control a large percentage of projects on the Central Coast. Presidio has been extremely helpful, not only in financing, but also in their knowledge, accessibility and thorough investigation of each project from marketing, entitlements and construction aspects. Presidio shares our vision, and we’re excited to partner with them as the window of opportunity has opened to the building industry here on the Central Coast.
I have provided banking services to Don Faye for over twenty years. Since Don formed Presidio Residential Capital with Paul Lucatuorto, I have had the opportunity to continue this lending relationship. During the past 2 years, Farmers & Merchants Bank has extended more than $100 million in loans secured by various Presidio Residential projects. Presidio’s expertise in managing its many projects and the integrity of the group align strongly with the values of F&MB’s as well. I have the highest regard for both Don Faye and Paul Lucatuorto.
Presidio’s capital structure for a start-up company like BlackPine Communities was instrumental. We’ve been able to stay focused on our execution at the home building level without distraction. They trusted my pedigree as a homebuilding professional, and that was an important factor in our success as a startup. Presidio is truly interested in getting to know me, our team, our vision and business plan. We speak a common language, and they’re not Wall Street types. They truly understand the markets they’re investing in. They have focused on markets they’re familiar with and operators who have strengths in those submarkets. They treat us with respect, and that provides a lot of confidence to us as operators and partners.
There’s a lot of capital in the market. In looking for new relationships, it’s really like getting married. Presidio understands our business but allows us to run our business. They have capital and the right human capital – they have the right people. Presidio has lots of resources but is nimble enough to make quick decisions, which allows us to be opportunistic. Their willingness to put down 100 percent of capital, unleveraged, is huge. Not many partners are willing to do that, and it gives us a lot of flexibility. On the one hand, I couldn’t recommend Presidio more highly. On the other hand, I want all their resources to myself. I’m kidding, of course, because the more successful they are, the more successful I’ll be. That’s their model.
The people at Presidio are knowledgeable, experienced and understand what I want to achieve. They don’t follow your typical institutional model; they have a much more personal approach. We had several projects that were very time-sensitive, and they were able to put up capital on a very quick timeline, which enabled us to get some spectacular deals. They’re very flexible and worked with us. Besides being able to come up with large quantities of money for large projects, they’re also willing to help substantiate our ability to perform. They’re problem solvers, not problem makers, and when we hit any type of snag, they’re out front and helpful. I’m a jealous mistress. I don’t want anyone else to have them.
Presidio Residential has an excellent reputation in the industry and especially with San Joaquin Valley Homes. Don Faye and Paul Lucatuorto are very knowledgeable about residential building, and they understand the value of working together to accomplish common goals. Our company has grown very fast in the past four years and Presidio Residential has helped us finance that rapid expansion. Their staff is exceptionally friendly, has a can-do attitude and responds quickly to any request we have. We could not be more pleased with this relationship. They have been instrumental in our success.
I got reacquainted with Don and Paul during a very in-depth meeting after the crash. It was a very positive, comprehensive meeting about the past, present and future of my company, and it just clicked. They have a very profound depth of knowledge and experience in both the development and home building sectors. They understand not just their perspective but also their sponsors’ perspectives and challenges. They’re receptive to our solutions, and they’re often part of the solution. I really like and respect these guys, and I stay up day and night thinking about how to expand this relationship. I want them to be part of Lafferty Communities for a long time.
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