San Diego Business Journal

Developers Get Financing for Mission Valley Apartments

Wednesday, April 27, 2011

Developers have secured $59.5 million in loans for Circa 37, a 306-unit apartment complex planned as the first phase of Sudberry Properties’ Civita mixed-used development in San Diego’s Mission Valley.

According to the San Diego office of brokerage and capital services firm Holliday Fenoglio Fowler LP, which arranged the financing, the project will get a three-year, $47 million construction loan through Wells Fargo Real Estate Group Inc. Also, a $12.5 million mezzanine loan was secured through a life insurance company.

San Diego-based Sudberry’s development division is building a 230-acre urban infill community, formerly known as Quarry Falls, in several phases proposed to include up to 4,780 residential units, 480,000 square feet of retail, and 420,000 square feet of office space.

Also planned are a civic center, amphitheater, recreation center, parks and open space. Civita is west of Interstate 805 at Mission Center Road.

Circa 37 is named for 1937, the year when a former rock quarry at the site was first mined. Developers said the apartment complex, with first move-ins expected in April 2012, will have 11 buildings with 306 apartments ranging from one to three bedrooms, averaging 948 square feet.

— Lou Hirsh