Monday, January 11, 2016

HFF arranges $42.54 million mortgage for development of residential building in San Diego’s Little Italy

Rendering of Planned Eighteen Ten St Multi-Housing Development,
Little Italy Neighborhood,San Diego, CA

Tim Wright
SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $42.54 million in development financing for Eighteen Ten State St., a 99-unit, Class A, multi-housing development in the Little Italy neighborhood of San Diego, California.

Working on behalf of the developer, McMillin Companies, HFF arranged the participating first mortgage through a UBS Asset Management investor account for development financing.

Eighteen Ten State St. will be constructed at 1810 State Street in downtown San Diego on one of the last remaining developable sites in Little Italy.

 With a Walk Score of 98, the residential building will be steps away from restaurants, shopping, entertainment and the trolley, train station and COASTER, providing access to the rest of downtown, San Diego and Southern California. 

Designed by AVRP Studios, the eight-story building will have four levels of subterranean parking totaling 115 parking spaces.  The building will feature a community center, community decks, and a mix of studio, one- and two-bedroom units averaging 724 square feet each.

HFF’s debt placement team representing the borrower was led by senior managing director Tim Wright and director Zack Holderman.

According to HFF, the success of the financing speaks to the quality location and capital’s willingness to provide construction financing to qualified sponsors in strong markets.

  For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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