$11.6 million refinancing for The Q in San Diego’s Little Italy neighborhood secured by HFF
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured an $11.6 million refinancing for The Q, a seven-story, 36,794-square-foot, mixed-use residential and retail development in downtown San Diego’s Little Italy neighborhood.
HFF worked on behalf of the borrower and developer, Jonathan Segal FAIA & Development Company, in arranging the 20-year, fixed rate, non-recourse, 4.61 percent refinancing with five years of interest only payments, followed by a 35-year amortization through one of HFF’s correspondent life company lenders, AEGON Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management. HFF will service the loan.
The Q, designed and developed by the borrower, renowned San Diego architect and developer Jonathan Segal, was delivered in 2010 and features 28 luxury apartment units and five ground floor retail/office units leased to local eateries Underbelly, Monello, Bencotto and Influx. The residential units range from studio to two-bedroom/two-bath units averaging 991 square feet each. Units feature floor-to-ceiling glass providing views of downtown San Diego and the bay. The Q’s location in the heart of Little Italy provides residents with plentiful area amenities including restaurants, pubs, cafes, art galleries, shops and hotels all surrounding Amici Park. The property has easy access to both the Pacific Coast Highway and Interstate 5 providing access to the greater San Diego and Southern California area.
HFF’s debt placement team representing the borrower was led by senior managing director Aldon Cole.
About Jonathan Segal FAIA & Development Company
Jonathan Segal FAIA & Development Company is a vertically integrated real estate investment firm responsible for the entitlement, design and development of more than 22 projects, mostly San Diego’s downtown and surrounding neighborhoods. Projects are typically medium to high density urban residential, mixed-use and live/work developments and are designed to capture the essence of each site’s relationship with its surroundings.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.