1801–1819 Santa Monica Blvd — Owner Advisory & JV Development

Determining Objectives & Strategy

A prominent Santa Monica family office owning multiple properties — including major land holdings — engaged Pat to evaluate their options. The initial brief was to lease the property as a NNN deal. After assessing the zoning, Pat determined the land's maximum value based on entitlements and developed a strategy that would create significantly more wealth than a triple-net lease: a joint venture development.

Picking the Horse — Developer Selection

Once the JV strategy was set, Pat led the solicitation and interview of multiple sponsorship entities with proven development experience for the product type. He shortlisted candidates based on track record and financial strength, then presented finalists for interview. The selected sponsor was Cypress Equities — a large, experienced, and financially stable developer. Pat then assisted the family's legal team in structuring the Development Agreement, Contribution Agreement, and Operating LLC to hold the land for development.

Entitlement & Pre-Development

Pat assisted the client with a pre-development budget which both the sponsorship and the family office approved, allowing the project to be submitted to the City of Santa Monica for entitlements. A second phase followed to pursue approval of working drawings and permit-readiness. Once drawings were substantially complete, Pat coordinated pricing from no fewer than three general contractors.

Construction Financing & Ongoing Advisory

Pat assisted all parties with the financing packages required by lenders. Once construction estimates were collected, the financial models were updated to confirm returns on cost met applicable thresholds and that the project remained viable. Once vertical construction begins, Pat will maintain ongoing monitoring of the draw and disbursement schedule, and near TCO — typically 24-27 months later — will assist with interim debt placement and, once 80-90% leased, the underwriting for permanent financing.

Going vertical summer 2026 with an estimated completed project value of $200M. The family office retained its land position with significantly reduced risk through the JV structure, while partnering with an institutional-grade developer in Cypress Equities. What started as a conversation about a NNN lease became a generational wealth-building opportunity.

This deal demonstrates Pat's highest-value role: trusted advisor to family offices and long-term holders. Rather than simply executing the client's initial request (a NNN lease), Pat analyzed the zoning, assessed the market, and redirected the strategy toward dramatically higher returns. The family avoided all development risk by bringing in an experienced sponsor, while retaining their land position in the deal. This is strategic advisory at the ownership level — the kind of work that separates a broker from a true real estate partner.