At Innovative Capital, we strive to be exactly that, innovative. We’ve built our business based on the development of personal relationships with peers as referral and lending partners. Our goal is to provide our clients with the best possible deal available to them and serve our partners by bringing them relevant deals that they’re interested in and able to fund.
How is it possible that we do all this under one roof? Our team is composed of individuals who have been in the shoes of each of our partners. Be it commercial bankers, real estate investors, or private lenders; we get it. The diversity of our team enables us to understand both the needs of our clients and the capabilities of our partners.
The real estate investment industry is a niche that holds unique challenges to those involved. Helping our clients navigate the constantly changing market conditions to overcome adversity is our specialty. We understand what our clients are going through because our team has been through it themselves. Innovative Capital recently invested private capital in a commercial fix and flip project that presented adversity that we had to overcome. Read on to learn more about one of our most recent projects and how we overcame challenges to produce an outstanding result.
67th Street Property
When the 67th Street property was initially acquired, it was dramatically run down. The property was originally purchased to convert the building into a care facility for 18-25 year old’s who had been phased out of the foster system. Innovative Capital was contacted by a non-profit and asked to substantially rehabilitate the facility and turn it over for lease or sale. After the acquisition, we were informed the non – profit had lost its funding and would be unable to take over and operate the facility. Over the next 14 months, we worked with the city of San Diego and other non-profits and completed the project to be used as a drug and alcohol rehabilitation facility. We look forward to seeing the new operator give back to the community and better the lives of San Diegans in need.
Initially, the property was ridden with homeless squatters and dilapidated features. The changing market conditions, including the pandemic, provided a real challenge to overcome adversity and continuously find solutions.
The acquired property included three buildings on one legal lot. The entire property is extensive, totaling 10,018 total building square feet and 35,179 land square feet.
The main building encompasses an area of 8,980 square feet. This area houses the resident rooms, bathrooms (5 private and 7 shared), main common area, laundry facility, kitchen, dining areas, lobby, administrative rooms, and utility areas. The second building, located on the southeast corner of the lot, is a 1,000 SF two-bedroom, one-bath single-family residence originally used as staff housing. The third building, located behind the parking lot in the Northwest corner, is a detached two-bedroom, one-bath residence with private access and a fully fenced private backyard.
Following its acquisition, we began a complete renovation and rehabilitation of the property. The renovation included the following:
- Bathroom Remodel
- Commercial Kitchen Remodel
- Residential Kitchen Remodel
The 67th Street project was a challenge for those involved, but our team and network overcame the adversity. Our expertise in financing, real estate redevelopment, and our trusted partners enabled us to complete the project. We are proud of the result and inspired to see the rehabbed building used to help our community.
For more information on how our team can support you with your next project, contact our Innovative Capital team today.