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| Mitra Apartments, East Village Neighborhood, 340 15th Street, San Diego, CA |
SAN DIEGO, CA, March 27,
2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged $2.94 million in financing for Mitra,
a newly built, five-story, nine-unit boutique apartment building in San Diego’s
East Village neighborhood.
Working on behalf of the
developer, Nakhshab Development & Design, Inc., HFF placed the 10-year,
fixed-rate, non-recourse loan with a commercial bank. Loan proceeds replaced the existing
construction loan and provided cash out.
Mitra is located at 340
15th Street within walking distance to numerous downtown destinations,
including Petco Park, the Gaslamp Quarter and Balboa Park.
Completed in January, the property provides
nearby access to public transportation and the area’s major freeways via
Interstate 5.
The LEED Platinum
property’s nine units total approximately 9,555 square feet and encompass a mix
of eight loft-style floorplans and one penthouse unit offering views of
downtown San Diego and the Coronado Bridge.
The open-concept units feature floor-to-ceiling windows, ENERGY STAR®
appliances, mid-century modern finishes and patios or balconies.
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| Aldon Cole |
The HFF debt placement team was led by senior managing director Aldon Cole and associate director Chris Collins.
“We are pleased that
Nakhshab Development & Design, Inc. benefitted from a competitive bidding
process between banks, Fannie Mae and Freddie Mac,” said Collins. “In this case, the lender stood out from the
competition due to their understanding of the value creation and long-term
equity potential of the property.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza,
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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