HFF arranges $2.94 million financing for newly built mid-rise apartment property in San Diego
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.
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.”
About Nakhshab Development & Design, Inc.
Founded in 2003, Nakhshab Development & Design, Inc. (NDD) is an internationally renowned design-build firm with headquarters in San Diego, California. NDD is committed to designing and building projects that create the greatest value for the end users as well as the community at large. Drawing inspiration from the quintessential convention of the “master-builder” in which building design, engineering, and construction were overseen by a single party, NDD values this tradition with a horizontal approach and expertise across the industry when it comes to the realization of a project. From the initial aesthetic design and conception, to engineering, and ultimately construction, NDD has the capacity to truly and fully design and build projects in the comprehensive nature of the master-builder philosophy. For more information, visit nddinc.net.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated 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.