SAN DIEGO, CA – HFF announces $6.2 million in financing for VIVO Little Italy, a newly completed, 18-unit apartment community in San Diego, California.
Working exclusively on behalf of the borrower, Valley Development Inc., the HFF team placed the seven-year, 4.05 percent fixed-rate loan with a commercial bank. Loan proceeds were used to refinance existing construction financing.
VIVO Little Italy is located at 1929 Columbia Street in the heart of Little Italy, one of San Diego’s most desirable neighborhoods known for its access to surrounding bars and restaurants, downtown San Diego, and recreational and outdoor amenities located blocks away at the Marina. Completed in 2017, the seven-story property features a mix of studio, one- and two-bedroom floor plans averaging 795 square feet. VIVO incorporates contemporary finishes, including soft wood accents, custom entertainment closets with shelving, polished quartz countertops and backsplashes, custom cabinetry, energy efficient LED lighting, laundry closets with washers and dryers, outdoor balconies or patios, and panoramic views from the upper floors.
The HFF debt placement team representing the borrower included director Chris Collins.
“We are pleased that Valley Development Inc. benefitted from a competitive process between the commercial banks,” Collins said. “The success of the financing speaks to the outstanding quality of this asset and its irreplaceable location.”
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Valley Development Inc. Valley Development Inc. is one of California's most dynamic and fastest growing development companies. With offices located in Natomas and San Diego, Valley Development has established a reputation of commitment to quality and professionalism in the industry. Valley Development and CEO Mike Singh have been involved in commercial real estate since 1986. The company is constantly investing and developing in areas with the highest potential for well-planned growth all over America. The company's leadership is determined to aggressively pursue potential developments in the nation's best communities, including Northern California, San Diego and Texas.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.