Local developer Silver Street Partners has obtained $16.25 million in construction financing for a planned 18-unit luxury townhome project in La Jolla, according to real estate investment banking firm George Smith Partners, which arranged the financing.
A company statement said the non-recourse financing was arranged on behalf of an institutional fund manager that is backing the project, known as Silver Springs Townhomes, which will include homes priced around $2 million.
The development site is an assemblage of two contiguous parcels at 7601 Draper Ave. and 720 Silver St., which currently house a veterinary clinic and a U.S. Postal Service office that will be replaced by the townhomes.
Officials said the 24-month loan represents 65 percent of the total development cost. It was arranged by George Smith Partners’ Jonathan Lee, David Stepanchak and Adam Candler.