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Pathfinder teams up on venture

La Jolla-based Pathfinder Partners LLC recently announced a joint venture with Raintree Residential LLC to acquire single-family homes, townhomes and condominiums from bank real-estate owned (REO) departments and through short sales.

The new joint venture, Pathfinder Raintree Residential, LLC, has initially committed more than $5 million of capital to purchase and renovate 50 single-family homes in Escondido, Chula Vista and other areas of San Diego County that have been hit hard by foreclosures.

Pathfinder Raintree will lease the properties, and is upgrading them to add value and ultimately stabilize the communities.

According to Mitch Siegler, senior managing director of Pathfinder Partners, the equity capital was provided by various Pathfinder Partners Opportunity Funds and the principals of Raintree.