Wednesday, August 27, 2008

HFF arranges debt and equity totaling $46.5M for Encinitas, CA mixed-use development

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a construction loan and joint venture equity for the development of Pacific Station,(top right photo) a Whole-Foods anchored mixed-use project in the northern San Diego city of Encinitas, California.

Working exclusively on behalf of Pacific Station Property, LLC, a venture by John DeWald & Associates and Phase 3 Properties, HFF senior managing director Tim Wright (middle left photo) and associate directors Rob Hinckley and Zach Koucos (middle right photo) placed the $36.5 million, 60-month construction permanent loan with La Jolla Bank. HFF also secured $10 million in joint venture equity with Fidelity Real Estate Group.

Upon completion in fourth quarter 2009, Pacific Station will have 38,500 square feet of retail including Whole Foods and a signature restaurant, 10,000 square feet of office space, 47 residential units and a two-level underground parking garage.

All components of the project will be condo-mapped and can be sold off by the suite. Residential units will range from 702 square feet to more than 2,000 square feet in one- to three-bedroom layouts.

Whole Foods will anchor the retail space with approximately 25,000 square feet. Pacific Station is situated on 1.39 acres between E and F Streets along the Coast Highway 101, three blocks from the Pacific Ocean and one block from the Metropolitan Transit Station’s Encinitas “Coaster” Station.

“Pacific Station is designed to fully integrate into the downtown Encinitas streetscape, while meeting the demand for retailers, professionals and residents,” said Wright.

John DeWald & Associates is a San Diego-based company that provides real estate consulting, development and construction services.

San Diego-based Phase 3 Properties specializes in commercial real estate development, brokerage and management.

Fidelity Real Estate Group pursues value-added real estate investment opportunities throughout the U.S. on a fully discretionary basis for its managed funds.

The Fidelity Real Estate Group is a division of Pyramis Global Advisors, a Fidelity Investments company. Fidelity Real Estate Group manages in excess of $12 billion on behalf of institutional and accredited individual investors as of March 31, 2008.
CONTACTS:
Timothy D. Wright, HFF Senior Managing Director, 858 552 7690, twright@hfflp.com/
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com/

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