Done Deals: HFF arranges $20.5 million financing for mixed-use development in Point Loma, CA

Saturday, May 25, 2019

HFF arranges $20.5 million financing for mixed-use development in Point Loma, CA

The Californian, a planned luxury residential and retail mixed-use development at Kemper Street and Midway Drive, in the coastal San Diego submarket of Point Loma, CA

SAN DIEGO, CA –– HFF announces it has arranged $20.5 million in financing for The Californian, a luxury residential and retail mixed-use development in the coastal San Diego submarket of Point Loma, California.

Bryan Clark

HFF worked on behalf of Murfey Company and Bishop Ventures to arrange the 10-year, fixed-rate loan through a commercial bank. Loan proceeds were used to refinance existing construction financing.

The Californian is situated at the intersection of Kemper Street and Midway Drive adjacent to the newly completed West City Campus, a continuing education facility operated by the San Diego Community College District.

In addition, the property is two miles from the Liberty Station master-planned community and Ocean Beach and offers convenient access to I-5, I-8 and the Pacific Coast Highway.

The three-story, elevator-served building encompasses 81 residential units totaling 68,141 square feet, 3,137 square feet of ground-floor retail and 108 parking spaces.

Aldon Cole

Completed in 2018, units feature high-end, modern finishes and common area amenities include a rec room, courtyard with swimming pool, jacuzzi, barbeques and lounge areas throughout the property.

The HFF debt placement team representing the borrower was led by managing director Bryan Clark, senior managing director Aldon Cole and associate Bharat Madan.

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

About Bishop Ventures

Bishop Ventures is a San Diego-based real estate investment and development company with extensive experience in urban infill mixed-use development. Founded by Gilman Bishop in 2007, the firm focuses on mixed-income housing affordable to low and moderate income households.

Bharat Madan

About Murfey Company

Murfey Company is a leader in the real estate development and building industry.

The company is dedicated to providing honest and high-quality services to all of its clients, investors and partners, with a focus on positive attitude, maintaining accessibility and a commitment to excellence.

Murfey Company encompasses a comprehensive group of services, driven by technology, and fueled by a passion for all things in the building industry, Murfey Company has positioned itself as a clear-cut leader when it comes to development, investments and construction; ultimately enabling you to, “Create Your Lifestyle.”