Fident Capital secured $24.0MM of construction financing for an 8-story, 82-unit multifamily development in San Diego’s Bankers Hill neighborhood. The borrower is a longtime Fident client and vertically integrated San Diego-based developer with a strong track record of urban infill projects throughout the region. A national private lender provided non-recourse financing with a 30-month term and favorable floating rate, exceeding the original loan request and closing ahead of schedule.

Located in a prime pocket of Bankers Hill adjacent to Balboa Park, the property offers views of San Diego Bay and downtown while providing access to the neighborhood’s high-end dining and retail scene. The development features thoughtfully designed units with elevated ceiling heights, floor-to-ceiling windows, and premium finishes positioned to attract the area’s target demographic.

The primary challenge was navigating multiple budget revisions and evolving project specifications that pushed the limits of the lender’s underwriting. Midway through the process, construction changes expanded the project scope, requiring extensive coordination between the appraiser, lender, and development team to keep the loan within approval parameters. Fident addressed these challenges through strategic negotiations, convincing the lender to adopt a more pragmatic valuation approach supported by third-party tax analysis, which strengthened loan proceeds while maintaining conservative underwriting.

Fident’s market expertise and established relationships helped validate pro forma assumptions for the project’s efficient parking ratio and innovative unit mix. The borrower’s proven execution capability in the immediate submarket, combined with strong repeat client relationships, secured approval for enhanced loan proceeds. The lender’s pragmatic approach to appraisal methodologies and willingness to accommodate pre-closing site preparation demonstrated confidence in both the project fundamentals and sponsor quality.