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| Aldon Cole |
SAN DIEGO, CA – HFF
announced today that it has secured $7.46 million in construction-permanent
financing for the development of Hillcrest Apartments, a 36-unit, five-story apartment building in San
Diego’s Hillcrest neighborhood.
HFF worked on behalf of
Hillcrest Veritas, LP to secure the 71 percent loan-to-cost, 12-year,
fixed-rate construction-permanent loan through a correspondent life company
lender.
The construction loan
converts to a permanent loan at stabilization and the lender allowed the
borrower to lock the 4.29 percent rate, with an interest-only period of up to
27 months, at application. In addition,
the loan carries an earn-out feature that allows the borrower to draw
additional loan dollars at stabilization.
Hillcrest Apartments will be
located on a 15,200-square-foot parcel at 4021 Eighth Avenue immediately
northwest of Balboa Park. Due for
completion in early 2016, the property will include one- and two-bedroom floor
plans averaging 877 square feet, which will be situated above grade-level
parking.
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| Bryan Clark |
The HFF debt placement team
was led by senior managing director Aldon Cole and associate director Bryan Clark.
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 recognized by San Diego Magazine as one of San
Diego’s Next Generation of Civic Leaders.
For more information please visit veritasurban.com.
The builder on the project is
Murfey Construction, Inc., an expert in commercial and residential mixed-use
urban infill general contracting.
For more information
please visit murfeyconsruction.com.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza,
Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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