$7.25 million refinancing for mixed-use office and retail building in downtown San Diego arranged by HFF
IRVINE, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
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.”
About Capital Real Estate Ventures, Inc.
Capital Real Estate Ventures, Inc. (CREV) is a real estate company that specializes in the sale of income producing properties throughout San Diego County, Southern California, and nationwide retail investments. CREV’s niche is primarily middle market, which is considered to include properties valued at $1 million to $20 million dollars. CREV’s team is dedicated to working with clients to give them the tools necessary to work effectively in the real estate market. While most brokerages are working to get that single deal, CREV looks to gain clients through repeat business. For that reason, the majority of the company’s business is based on referrals. For more information, visit capital-rev.com.
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.