Village Lindo Paseo Gets $26 Million in Financing from Wells Fargo; Westcore Properties Acquires Office Building in Encinitas

By Gabriel Circiog, Associate Editor Wells Fargo & Co. has provided $26 million in financing to complete the construction of Village Lindo Paseo, a 287-unit housing complex at San Diego State University, San Diego Business Journal reports. The project is developed by San Diego-based Village Lindo Paseo LP and is expected to house a total [...]

Wells Fargo & Co. has provided $26 million in financing to complete the construction of Village Lindo Paseo, a 287-unit housing complex at San Diego State University, San Diego Business Journal reports.

The project is developed by San Diego-based Village Lindo Paseo LP and is expected to house a total of 384 students in 97 double-room suites and 190 single rooms. Amenities will include 24-hour on-site security, a laundry area, dining facilities, a fitness center and a two-level underground parking garage.
The development is expected to create around 500 construction jobs and 20 permanent positions upon completion.

The housing complex is being constructed to achieve LEED Silver certification from the U.S. Green Building Council. Green features will include solar roof panels and ClearEdge Power’s fuel cell technology which are estimated to save $26,000 annually in energy costs, as well as over $1 million in construction costs.

Lindo Paseo LP is led by Dale Walker, Paul Denyer and Erich Aragon. They started the construction of the $40 million project earlier this year and expect to complete it in May 2013.

In other news, rentv.com reports Westcore Properties has acquired a two-story office building in Encinitas for $6.8 million. The 37,400-square-foot building is located east of Interstate 5 at 679-681 Encinitas Boulevard. The office building is 100 percent leased and the major tenants are Scripps Health and St. Katherine’s College.

The buyer was represented by Joe Anderson and Rick Reeder of Cassidy Turley, while the seller, HBTFT LLC, was represented by Strom Commercial.

Illustration Courtesy of: www.starckap.com