SAN DIEGO, CA - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $42.54 million in development financing for Eighteen Ten State St., a 99-unit, Class A, multi-housing development in the Little Italy neighborhood of San Diego, California.
Working on behalf of the developer, McMillin Companies, HFF arranged the participating first mortgage through a UBS Asset Management investor account for development financing.
Eighteen Ten State St. will be constructed at 1810 State Street in downtown San Diego on one of the last remaining developable sites in Little Italy. With a Walk Score of 98, the residential building will be steps away from restaurants, shopping, entertainment and the trolley, train station and COASTER, providing access to the rest of downtown, San Diego and Southern California. Designed by AVRP Studios, the eight-story building will have four levels of subterranean parking totaling 115 parking spaces. The building will feature a community center, community decks, and a mix of studio, one- and two-bedroom units averaging 724 square feet each.
HFF’s debt placement team representing the borrower was led by senior managing director Tim Wright and director Zack Holderman.
According to HFF, the success of the financing speaks to the quality location and capital’s willingness to provide construction financing to qualified sponsors in strong markets.
About McMillin Companies: Founded in 1960, McMillin has more than 50 years of successful real estate investment, land development, and home building projects. McMilllin continues to evolve to create real estate developments in urban, pedestrian-friendly and coastal constrained markets. McMillin aims to create inspiring moments through new places that create memorable experiences. McMillin is the proud developer of the award winning Liberty Station, voted Base Realignment Community of the Year by the Association of Defense Communities. Learn more at www.mcmillin.com.
About UBS Asset Management, Global Real Estate - US: With over 36 years of real estate investment advisory experience, the US real estate business of UBS Asset Management has approximately USD 28.8 billion under management on behalf of over 500 clients. A multi-disciplined real estate organization with staff of approximately 199, it is headquartered in Hartford, Connecticut with regional offices in San Francisco and Dallas. In addition to its US real estate business, UBS Asset Management, Global Real Estate manages investments in Europe, Asia and Australia, totaling USD 69 billion in real estate and real estate securities worldwide, as of June 30, 2015. In the US it operates through its legal entities, UBS Realty Investors LLC and UBS AgriVest LLC, registered investment advisors. (data as of September 30, 2015 unless otherwise noted) www.ubs.com/realestate
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.