$12.5 million permanent financing secured by HFF for newly-built mixed-use project in San Diego, California
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $12.5 million in permanent financing for Mr. Robinson, a newly-constructed, 42,923-square-foot, mixed-use residential and retail project in San Diego’s Hillcrest neighborhood.
HFF worked on behalf of the borrower and developer, Jonathan Segal FAIA & Development Company, in arranging the 15-year, 4.52 percent, fixed-rate loan with five years interest only through one of HFF’s correspondent life company lenders, Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management. Additionally, HFF will service the loan.
Mr. Robinson was designed and developed by the borrower, renowned San Diego architect and developer Jonathan Segal. Completed in 2016, it features 36 luxury apartment units, two ground floor retail units with large outdoor patio spaces, one of which is leased to TRUST Restaurant, and a parking garage. The property received certificate of occupancy in 2015. The residential units, averaging 1,080 square feet each, range from lofts to two- and three-bedroom units to penthouses and feature custom fabricated steel stairs with glass handrails and high-end flooring and finishes. Mr. Robinson’s location at the corner of Park Boulevard and Robinson Avenue in Hillcrest provides residents with access to Balboa Park, award-winning restaurants, shopping and a 3,000-square-foot community center. The property is two blocks north of downtown San Diego and has access to the Cabrillo Freeway via Robinson Avenue.
HFF’s debt placement team representing the borrower was led by senior managing director Aldon Cole.
“We were uniquely able to lock the interest rate and proceeds last year while the property was still under construction, which enabled the borrower to take interest rate risk and market volatility off the table, as well as allowing them to plan for other investment strategies,” Cole said.
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.