Developer K&K Veritas LP has obtained approximately $12.7 million in construction financing for a planned new mixed-use luxury apartment community in San Diego’s Midway district in Point Loma, according to Holliday Fenoglio Fowler LP (HFF), which arranged the financing.
An HFF statement said the 81-unit apartment property, with 3,137 square feet of retail, is called Driftwood and is planned for a two-acre lot at the corner of Kemper and Kenyon streets. The developer is an affiliate of San Diego-based Veritas Urban Properties and Bishop & Co., with construction to be completed by locally based Murfey Construction.
An HFF debt placement team, led by Aldon Cole, Bryan Clark and Chris Collins, placed a two-year construction loan with Pacific Western Bank.
The three-story Driftwood will include a communal courtyard with a hot tub, barbecues, lounge areas and 109 parking stalls. The full development cost of the project was not disclosed.