Schedule 13G/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

SCHEDULE 13G/A

 

 

Under the Securities Exchange Act of 1934

(Amendment No. 3)*

 

 

 

CALIFORNIA COASTAL COMMUNITIES, INC.

(Name of Issuer)

 

COMMON STOCK, PAR VALUE $0.05 PER SHARE

(Title of Class of Securities)

 

 

129915203

                                (CUSIP Number)                                

 

December 31, 2005

(Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

¨ Rule 13d-1(b)

 

x Rule 13d-1(c)

 

¨ Rule 13d-1(d)

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

 

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 129915203

   13G/A   Page 2 of 9

 

  1  

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 

            Mercury Real Estate Advisors LLC

    
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨

(b)  ¨

    
  3  

SEC USE ONLY

 

    
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Delaware

    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

  

  5    SOLE VOTING POWER

 

                983,565

  6    SHARED VOTING POWER

 

                -0-

  7    SOLE DISPOSITIVE POWER

 

                983,565

  8    SHARED DISPOSITIVE POWER

 

                -0-

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            983,565

    
10  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  

¨

 

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            9.7%

    
12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

            OO - Limited Liability Company

    

 

 

-2-

CUSIP No. 129915203

   13G/A   Page 3 of 9

 

  1  

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 

            Mercury Targeted Securities Fund LP

    
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨

(b)  ¨

    
  3  

SEC USE ONLY

 

    
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Delaware

    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

  

  5    SOLE VOTING POWER

 

                484,201

  6    SHARED VOTING POWER

 

                -0-

  7    SOLE DISPOSITIVE POWER

 

                484,201

  8    SHARED DISPOSITIVE POWER

 

                -0-

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            484,201

    
10  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  

¨

 

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            4.8%

    
12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

            PN

    

 

 

-3-

CUSIP No. 129915203

   13G/A   Page 4 of 9

 

  1  

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 

            David R. Jarvis

    
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨

(b)  ¨

    
  3  

SEC USE ONLY

 

    
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            United States

    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

  

  5    SOLE VOTING POWER

 

                983,565

  6    SHARED VOTING POWER

 

                -0-

  7    SOLE DISPOSITIVE POWER

 

                983,565

  8    SHARED DISPOSITIVE POWER

 

                -0-

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            983,565

    
10  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  

¨

 

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            9.7%

    
12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

            IN

    

 

 

-4-

CUSIP No. 129915203

   13G/A   Page 5 of 9

 

  1  

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 

            Malcolm F. MacLean IV

    
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨

(b)  ¨

    
  3  

SEC USE ONLY

 

    
  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            United States

    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

  

  5    SOLE VOTING POWER

 

                992,253

  6    SHARED VOTING POWER

 

                -0-

  7    SOLE DISPOSITIVE POWER

 

                992,253

  8    SHARED DISPOSITIVE POWER

 

                -0-

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            992,253

    
10  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  

¨

 

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

            9.8%

    
12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

            IN

    

 

 

-5-

CUSIP No. 129915203

   13G/A   Page 6 of 9

 

Item 1

  

(a).

   

Name of Issuer:

 

California Coastal Communities, Inc. (the “Issuer”).

          

Item 1

  

(b).

   

Address of Issuer’s Principal Executive Offices:

 

6 Executive Circle, Suite 250

Irvine, California 92614

          

Item 2

  

(a).

   

Name of Person Filing:

 

This Amendment No. 3 to Schedule 13G is being jointly filed by:

          
        

(i)      Mercury Real Estate Advisors LLC, a Delaware limited liability company (“Mercury Advisors”), with respect to the shares of Common Stock (as defined below) of the Issuer held by Mercury Targeted Securities Fund LP (“Mercury Targeted Securities Fund”), Mercury Special Situations Fund LP, Mercury Special Situations Offshore Fund, Ltd., Silvercrest Real Estate Fund, Silvercrest Real Estate Fund (International), Mercury Real Estate Securities Fund LP, Mercury Real Estate Securities Offshore Fund, Ltd., Panther Partners LLC and Silvercreek SAV LLC (collectively, the “Funds”), of which Mercury Advisors is the investment advisor. Mercury Advisors has complete investment discretion with respect to the shares of Common Stock of the Issuer held by the Funds. Messrs. Jarvis and MacLean are the Managing Members of Mercury Advisors.

          
        

(ii)     Mercury Targeted Securities Fund with respect to the shares of Common Stock of the Issuer held by it. Mercury Advisors is the investment advisor to Mercury Targeted Securities Fund and has investment discretion with respect to the shares of Common Stock of the Issuer held by Mercury Targeted Securities Fund. Messrs. Jarvis and MacLean are the Managing Members of Mercury Advisors.

          
        

(iii)    David R. Jarvis, a Managing Member of Mercury Advisors, with respect to the shares of Common Stock of the Issuer held by the Funds.

          
        

(iv)    Malcolm F. MacLean IV, a Managing Member of Mercury Advisors, with respect to the shares of Common Stock of the Issuer held by the Funds and individually by Mr. MacLean.

          

Item 2

  

(b).

   

Address of Principal Business Office or, if None, Residence:

 

100 Field Point Road

Greenwich, CT 06830

          

Item 2

  

(c).

    Citizenship:          
        

(i)       Mercury Real Estate Advisors LLC is a Delaware limited liability company.

          
        

(ii)      Mercury Targeted Securities Fund LP is a Delaware limited partnership.

          
        

(iii)     Mr. Jarvis is a United States citizen.

          
        

(iv)     Mr. MacLean is a United States citizen.

          

Item 2

  

(d).

   

Title of Class of Securities:

 

Common Stock, par value $0.05 per share (the “Common Stock”)

          

Item 2

  

(e).

   

CUSIP Number:

 

129915203

         

Item 3.

   If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:     
    (a)    ¨    Broker or Dealer registered under section 15 of the Act,
    (b)    ¨    Bank as defined in section 3(a)(6) of the Act,
    (c)    ¨    Insurance Company as defined in section 3(a)(19) of the Act,
    (d)    ¨    Investment company registered under section 8 of the Investment Company Act of 1940,
    (e)    ¨    An investment adviser in accordance with ss. 240.13d-1 (b)(1)(ii)(E),
    (f)    ¨    An employee benefit plan or endowment fund in accordance with ss. 240.13d-1(b)(1)(ii)(F),
    (g)    ¨    A parent holding company or control person in accordance with ss. 240.13d-1(b)(1)(ii)(G),
    (h)    ¨    A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act,
    (i)    ¨    A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940,
    (j)    ¨    A group, in accordance with ss. 13d-1(b)(1)(ii)(J).

 

-6-

CUSIP No. 129915203

   13G/A   Page 7 of 9

 

Item 4.

   

Ownership.

 

Mercury Real Estate Advisors LLC:

          
     (a)    Amount beneficially owned: 983,565 shares          
     (b)    Percent of class: 9.7%          
     (c)    Number of shares as to which such person has:          
          (i)    Sole power to vote or to direct the vote: 983,565 shares          
          (ii)    Shared power to vote or to direct the vote: None          
          (iii)    Sole power to dispose or to direct the disposition of: 983,565 shares          
          (iv)    Shared power to dispose or to direct the disposition of: None          
     Mercury Targeted Securities Fund LP:          
     (a)    Amount beneficially owned: 484,201 shares          
     (b)    Percent of class: 4.7%          
     (c)    Number of shares as to which such person has:          
          (i)    Sole power to vote or to direct the vote: 484,201 shares          
          (ii)    Shared power to vote or to direct the vote: None          
          (iii)    Sole power to dispose or to direct the disposition of: 484,201 shares          
          (iv)    Shared power to dispose or to direct the disposition of: None          
     David R. Jarvis:          
     (a)    Amount beneficially owned: 983,565 shares          
     (b)    Percent of class: 9.7%          
     (c)    Number of shares as to which such person has:          
          (i)    Sole power to vote or to direct the vote: 983,565 shares          
          (ii)    Shared power to vote or to direct the vote: None          
          (iii)    Sole power to dispose or to direct the disposition of: 983,565 shares          
          (iv)    Shared power to dispose or to direct the disposition of: None          
     Malcolm F. MacLean IV:          
     (a)    Amount beneficially owned: 992,253 shares          
     (b)    Percent of class: 9.8%          
     (c)    Number of shares as to which such person has:          
          (i)    Sole power to vote or to direct the vote: 992,253 shares          
          (ii)    Shared power to vote or to direct the vote: None          
          (iii)    Sole power to dispose or to direct the disposition of: 992,253 shares          
          (iv)    Shared power to dispose or to direct the disposition of: None          

Item 5.

   

Ownership of Five Percent or Less of a Class.

 

Not applicable.

     

Item 6.

   

Ownership of More Than Five Percent on Behalf of Another Person.

 

See Items 2(a) and 4.

          

Item 7.

   

Identification and Classification of the Subsidiary which Acquired the Security Being Reported on By the Parent Holding Company.

 

Not applicable.

Item 8.

   

Identification and Classification of Members of the Group.

 

Not applicable.

          

Item 9.

   

Notice of Dissolution of Group.

 

Not applicable.

          

Item 10.

   

Certification.

 

By signing below each of the undersigned certifies that, to the best of the undersigned’s knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

          

 

-7-

CUSIP No. 129915203

   13G/A   Page 8 of 9

 

SIGNATURE

 

After reasonable inquiry and to the best of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: February 13, 2006

 

MERCURY REAL ESTATE ADVISORS LLC
By:  

/s/ Malcolm F. MacLean IV

Name:   Malcolm F. MacLean IV
Title:   Managing Member
MERCURY TARGETED SECURITIES FUND LP
By:   Mercury Securities LLC, its general partner
By:  

/s/ Malcolm F. MacLean IV

Name:   Malcolm F. MacLean IV
Title:   Managing Member

/s/ David R. Jarvis

David R. Jarvis, an individual

/s/ Malcolm F. MacLean IV

Malcolm F. MacLean IV, an individual

CUSIP No. 129915203

       Page 9 of 9

 

EXHIBIT INDEX

 

Exhibit 1.    Joint Filing Agreement as required by Rule 13d-1(k)(l) under the Securities Exchange Act of 1934, as amended.*

 

* Filed with the Schedule 13G/A on February 12, 2004.