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1/08/16
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HFF arranged $11.6 mil in refi money for The Q, a seven-story, 36.8k sf mixed-use development in downtown San Diego’s Little Italy neighborhood. The residential/retail project was designed and developed by the borrower, Jonathan Segal FAIA & Development Company.
The Q was delivered in 2010 and features 28 luxury apartment units and five ground-floor retail/office units leased to local eateries Underbelly, Monello, Bencotto and Influx. The residential units range from studio to two-bedroom/two-bath units averaging 991 sf each. Units feature floor-to-ceiling glass providing views of downtown San Diego and the bay.
The Q’s location in the heart of Little Italy provides residents with plentiful area amenities including restaurants, pubs, cafes, art galleries, shops and hotels all surrounding Amici Park. The property has easy access to both the Pacific Coast Highway and Interstate 5 providing access to the greater San Diego and Southern California area.
HFF’s Aldon Cole arranged the 20-year, fixed-rate loan. The non-recourse, 4.61 percent refinancing has five years of interest-only payments, followed by a 35-year amortization. It was funded through AEGON Realty Advisors LLC, a commercial real estate investment and management arm of Aegon Asset Management. HFF will service the loan.
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