Locally based CityMark Development has obtained equity funding for a $48 million mixed-use apartment project previously announced for Little Italy, called Kettner Lofts, according to Fident Capital, which secured the financing.
A statement from San Diego-headquartered Fident Capital said plans call for a six-story building with 129 residential units, 8,000 square feet of retail space and 2.5 levels of subterranean parking. The developer plans to preserve the historic front entrance of a building that formerly housed Caliber Collision Center.
The project is planned for the western half of the city block at 2101-2175 Kettner Blvd., between Ivy and Hawthorn streets. Groundbreaking is slated for early 2016, with completion expected by spring of 2017.
The project’s architects are Tanner Hecht Architecture and Van Tilburg, Banvard & Soderbergh.
Fident secured funding from a Los Angeles-based institutional equity partner whose name was not disclosed.