Financing and land transactions were recently completed for three previously announced projects in downtown San Diego’s Little Italy neighborhood, according to brokers and developers.
San Diego-based Corky McMillin Cos. has obtained approximately $42.5 million in development financing for Eighteen Ten State St., a new apartment complex being built at 1810 State St., at the corner of State and West Elm streets, according to Holliday Fenoglio Fowler LP (HFF), which arranged the financing.
An HFF statement said the 99-unit, eight-story building is designed by AVRP Studios and will have four levels of subterranean parking totaling 115 spaces. The complex will also have a community center, community decks and a mix of studio, one- and two-bedroom apartments averaging 724 square feet.
The HFF debt placement team representing the borrower was led by Tim Wright and Zack Holderman. HFF arranged the financing through a UBS Asset Management investor account for development financing.
Also in Little Italy, Los Angeles-based development and investment firm CityView announced that it has acquired the 30,000-square-foot land site for a planned mixed-use development known as AV8, which it is building in partnership with San Diego’s CityMark Development. The land was acquired for approximately $7 million from Beardsley Family Trust.
CityMark previously announced a planned early 2016 ground-breaking for the $45 million project at 2101-2175 Kettner Blvd., which will include 129 residential units, 7,600 square feet of retail and 2.5 levels of subterranean parking. A spring 2017 completion is expected for the project, designed by Tanner Hecht Architecture and Van Tilburg, Banvard & Soderbergh.
In the same neighborhood, local developer Jonathan Segal has obtained $11.6 million in refinancing for The Q, a seven-story, 28-unit mixed-use luxury apartment and retail development completed in 2010 at 750 W. Fir St. An HFF team led by Aldon Cole arranged the refinancing for the borrower through Aegon Realty Advisors LLC, and HFF will service the loan.
