HFF Secures Construction Loan for San Diego Mixed-Use Asset
- Mar 01, 2017
San Diego—HFF has arranged $12.7 million in construction financing for the development of Driftwood, a Class A, mixed-use property in San Diego’s Point Loma/Midway district.
K&K Veritas LP, an affiliate of Veritas Urban Properties, and Bishop & Co. will develop the building. Construction will be handled by Murfey Construction. Driftwood will feature 81 luxury multifamily units and 3,137 square feet of retail.
HFF’s Senior Managing Director Aldon Cole, Director Bryan Clark and Associate Director Chris Collins led the debt placement team on behalf of the developer. HFF placed a two-year construction loan with Pacific Western Bank.
Driftwood will rise on a two-acre lot at the corner of Kemper and Kenyon streets, 2 miles from the Liberty Station master-planned community and Ocean Beach. The site is also adjacent to the new $18 million West City community college campus. Furthermore, two outpatient facilities, Sharp Healthcare and Kaiser Permanente, a 24-Hour Fitness, two grocery stores, Target, Home Depot and Dick’s Sporting Goods are in the vicinity of the property.
The three-story, elevator-serviced building will have interior common hallways and stairwells. Units will feature a full stainless steel appliance package, soft-close drawers, granite or quartz countertops with undermount sinks, stained concrete or ceramic tile floors and carpet in the bedrooms. Most units will have private balconies, as well. Community amenities include a courtyard with hot tub, barbeques, lounge areas and on-grade parking with 109 stalls.
“Pacific Western recognized that Veritas had identified and controlled a unique, coastal, infill site and had put together a well thought out development plan, which will greatly enhance the midway corridor,” said Cole in prepared remarks. “They provided exceptional service and aggressive terms in a difficult environment for obtaining construction loans.”
Image courtesy of HFF