Monday, March 27, 2017

HFF arranges $2.94 million financing for newly built mid-rise apartment property in San Diego, CA

Mitra Apartments, East Village Neighborhood, 340 15th Street,
 San Diego, CA
SAN DIEGO, CA, March 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $2.94 million in financing for Mitra, a newly built, five-story, nine-unit boutique apartment building in San Diego’s East Village neighborhood.

Working on behalf of the developer, Nakhshab Development & Design, Inc., HFF placed the 10-year, fixed-rate, non-recourse loan with a commercial bank.  Loan proceeds replaced the existing construction loan and provided cash out.

Mitra is located at 340 15th Street within walking distance to numerous downtown destinations, including Petco Park, the Gaslamp Quarter and Balboa Park.  

Completed in January, the property provides nearby access to public transportation and the area’s major freeways via Interstate 5. 

The LEED Platinum property’s nine units total approximately 9,555 square feet and encompass a mix of eight loft-style floorplans and one penthouse unit offering views of downtown San Diego and the Coronado Bridge.  The open-concept units feature floor-to-ceiling windows, ENERGY STAR® appliances, mid-century modern finishes and patios or balconies.

Aldon Cole

The HFF debt placement team was led by senior managing director Aldon Cole and associate director Chris Collins.

“We are pleased that Nakhshab Development & Design, Inc. benefitted from a competitive bidding process between banks, Fannie Mae and Freddie Mac,” said Collins.  “In this case, the lender stood out from the competition due to their understanding of the value creation and long-term equity potential of the property.”

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

No comments: