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| Aldon Cole |
SAN
DIEGO, CA – HFF announced it has arranged $5 million in financing for The
Point @ Ingraham, a newly-built, mixed-use residential and retail project
in Pacific Beach (San Diego), California.
HFF worked on behalf of the
borrower, Veritas Urban Properties, to secure the 4.17 percent, ten year,
fixed-rate loan through HFF’s life insurance company correspondent Aegon USA
Realty Advisors, Inc.
Loan proceeds are taking out the existing
construction loan and providing cash out to the borrower. The loan proceeds and
interest rate were locked in advance of the project’s lease-up and prior to any
property operating history, an advantage unique to life insurance companies.
“HFF
was great to work with, and helped produce excellent value on an expedited
schedule,” said Russ Murfey of Veritas Urban Properties.
 |
| Bryan Clark |
The Point @ Ingraham is located
at 3805 Ingraham Street a few blocks south of Garnet Avenue, a major retail and
entertainment thoroughfare, in the heart of Pacific Beach, and within 10 miles
of downtown San Diego.
Completed
in January 2014, the property consists of a three-story residential building
with 21 one- and two-bedroom units averaging 756 square feet per unit, plus
2,266 square feet of ground floor retail.
The retail component is fully leased to The Promiscuous Fork.
The HFF debt placement team
representing the borrower was led by senior managing director Aldon Cole
and associate director Bryan Clark.
 |
| The Point@Ingraham, Pacific Beach, CA |
Veritas Urban Properties was
founded to fill a growing need for creative solutions in the urban
landscape.
The company has development
experience that includes more than 1,000 residential units and 60,000 square
feet of commercial space and was recently recognized by San Diego Magazine as
one of San Diego’s Next Generation of Civic Leaders. The builder on the project was Murfey Construction, Inc.
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 | www.hfflp.com
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