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$27M Construction Loan
$6M Mezzanine Loan
Fident Capital secured $27M of construction debt and $6M of mezzanine financing for this transit-oriented development near downtown San Diego. The project consists of 85 units covering approximately 74,000 saleable square feet in two buildings above two levels of underground parking. The three- and four-story buildings contain stacked two bed/two bath town homes and single story residences of approximately 900 square feet each.
Project challenges included proving the vibrancy of a San Diego condo project in an increasingly conservative lending environment brought about by slowed absorption rates, downward pricing pressure, and increased residential inventory levels. Additionally, the project had been halted due to legal issues outside the control of the sponsor and an expedient close was essential. The sponsor was a foreign national who recently entered into the United States development marketplace and whose assets were primarily outside the United States.
Financing was provided through a national lender with a strong local presence and was placed in front of an existing high leverage mezzanine loan which funded preconstruction and excavation. 30 presales were required prior to close.