Sunday, September 13, 2015

HFF arranges $7.25 million refinancing for mixed-use office and retail building in downtown San Diego, CA

  
Schiefer & Sons Building, 815 J Street, Downtown San Diego, CA

Kevin MacKenzie
IRVINE, CA –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $7.25 million refinancing for the majority of the Schiefer & Sons Building, a 15,221-square-foot mixed-use office and retail building in downtown San Diego, California.

HFF worked on behalf of the borrower, Capital Real Estate Ventures, Inc., to secure the 10-year, fixed-rate loan through Bank of America.  Loan proceeds will be used to refinance existing debt.

Located at 815 J Street in downtown San Diego’s East Village neighborhood, the Schiefer & Sons building is within the PETCO Park Grounds – home of the San Diego Padres Major League Baseball team and venue for multiple sporting and music events. 

The historic building is within walking distance to San Diego’s Gaslamp District with more than 225 restaurants, bars and shops.

  Originally constructed around 1905, the Schiefer & Sons building underwent extensive renovations in 2008 to convert it into an eight-unit condominium project consisting of six office units on two levels about a two-unit ground-level retail space. 

The refinancing covers seven of the eight condominium units.  Each office unit features a secured entrance with private patios and views of the Padres ballpark and scoreboard, and the restaurant has a ground-floor patio with ballpark views.

Greg Brown
HFF’s debt placement team included senior managing director Kevin MacKenzie and associate director Greg Brown.

“This is a truly unique asset within the east village submarket that includes a condominium component,” Brown said.  “HFF was able to secure financing with a lender that understood the nature of the property and close during a tumultuous time for the capital markets.”  

 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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