San Diego, CA
Commercial Ground-Up Construction12/10/2019
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. 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 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 for 2022. This private construction loan was funded in December 2019.