Bridge Loan for Land Acquisition & Development in San Diego, California

Parkview Financial, a private construction lender based in LA, provided a $7 million loan for the acquisition of a land parcel in the Little Italy neighborhood of downtown San Diego, CA. The developers recently acquired the site for $7.1 million and have plans for the development of a fully entitled mixed-use 28-story urban infill project. In addition to the acquisition, Parkview’s loan includes funding for the first phase of construction for a high-rise residential/retail tower. Located at India Street, the 10,019-square-foot site is currently being used as a parking lot. The proposed project is planned to include 150 apartment units over 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spaces. The project is set to begin construction in 2020 with completion anticipated in 2022. This CRE private construction loan was funded in December 2019.