South Bay has delivered consistent and real returns to our investors over the course of our development program. While our intent is to not operate as a merchant builder, eventually we accumulate a critcal mass of assets that become attractive to larger institutions and result in the bulk sale of such assets. Specifically, we have sold a group of 9 Alzheimer's buildings to a REIT that resulted in a 20.1% IRR over a 6 year investment period, and we sold a group of 5 independent living buildings at a price substantially in excess of cost that resulted in a deal level IRR of 37% over a 12 year investment period.
South Bay has established it's reputation and thrived in this business due to it's ability 1) to identify viable development markets and sites within those markets through our own internal market analysis, 2) to bring together the numerous parties necessary to bring a new facility to fruition including the debt and equity financing, the right operating partner for the geographic market and product type, the necessary regulatory approvals and the appropriate general contractor, 3) to conservatively underwrite the financial projections to a level that increases the liklihood that projections will be met or exceeded, and 4) to deliver projects on time and on budget.
Given the depth of our experience in finding and delivering viable new senior housing facilities in markets around the country, we are also well qualified to serve as a key redevelopment partner for existing senior housing facilities that need to be strategically repositioned. We were hired for such an assignment by Goldman Sachs on behalf of the Whitehall Street Real Estate Funds and Horizon Bay Senior Communities for the 10 redevelopment assets noted above. The job entailed the assessment and recommendation on the proper strategic repositioning for the assets, and then the complete redevelopment follow through including team assembly, scope determination, design, budgeting, construction phasing , execution and final delivery.
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Mission Statement
South Bay Partners is committed to acting with integrity and professionalism in everything we do, and with that approach, to delivering superior, viable senior housing facilities to the communities we serve and solid, demonstrable, practical investment returns to our financial partners and investors.
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Our People and Philosophy
South Bay Partners professionals have extensive real estate experience, including accounting, architecture, construction, finance, acquisitions, marketing, leasing, sales and asset management. We utilize a team approach, insuring our clients and partners that all of the company’s resources are committed to the success of our projects.
Craig W. Spaulding founded the company in 1994 and is involved in all aspects of the daily operations of South Bay Partners. Craig was formerly a Vice President with The Prudential Realty Group working out of their Florida, Dallas and Houston offices over a span of eight years. While at Prudential, Craig was involved in development of office buildings, hotels and industrial facilities and had asset management responsibility for a $600 million investment portfolio.
Chuck Hammonds is responsible for the development of South Bay’s two large campus communities in Southlake, TX and Lubbock, TX along with the oversight of our market analysis activity and various phases of pre-development work. Chuck was formerly an Associate Manager with The Prudential Realty Group in Dallas where he was involved in all phases of the acquisitions/sales process for institutional assets.
Patrick McGonigle is responsible for our stand-alone Assisted Living and Alzheimer’s development as well as financial analysis and lender coordination. Pat was formerly a Project Manager for Archon Group, a Goldman Sachs company, in Dallas where he was responsible for active management and oversight of development and redevelopment projects throughout the Whitehall Street Real Estate Funds portfolio. Patrick’s experience includes commercial, hotel, multi-family and senior housing product types.
Paul Milosevich is responsible for our stand-alone Assisted Living and Alzheimer’s development as well as managing relationships with our equity investors. Paul has 20+ years of broad commercial real estate experience having spent 9 years with The Prudential Realty Group in asset management roles in the Dallas and San Francisco offices, including responsibility for Prudential’s joint venture interests in downtown high rise office towers in both cities and 6 years with Goldman Sachs as a real estate portfolio manager overseeing key operating partner relationships covering over $3 billion in real estate assets, including Rockefeller Center. Paul recently served four years as President of a small multi-family development company based in Dallas with projects in San Antonio, Houston and Plano, Texas.
Lynn R. Davis is responsible for coordinating all accounting related activities for the campus communities located in Southlake and Lubbock as well as the oversight of corporate accounting functions. She has spent over 20 years as a CPA in various management positions for commercial real estate accounting, asset management and technology operations. Lynn’s experience includes building construction, facility operations, information technology solutions and relationship management with partners and financial institutions. She has experience with office, retail, industrial and multi-family properties.
Orchid Rose was formerly an Associate Manager with The Prudential Realty Group in Dallas, Texas. For twenty-eight years she served the Dallas office in various capacities from reporting/budgeting through asset management. Orchid is responsible for development accounting and administration of the office.
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