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10/29/20
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Nakhshab Development & Design (NDD) has secured a $10.25 mil refi loan for Truax Lofts and Truax House, a newly constructed, 36-unit, modern residential community built with eco-friendly materials in San Diego’s Bankers Hill neighborhood. The loan was arranged by JLL Capital Markets.
Located at 2517 Union St and 598 W. Laurel St, the property is on a private cul-de-sac in the heart of Bankers Hill, one of San Diego’s premiere neighborhoods. The property is proximate to Little Italy, downtown and Balboa Park, in addition to providing prime views of San Diego Bay and Maple Canyon.
Truax Lofts consists of a new building with 26 units, and Traux House is a renovated, historic Craftsman with 10 additional units and a community room. Four units are very low-income units.
Traux House was originally built in 1912 and served as the only hospice for AIDS patients during the epidemic. NDD restored the structure and developed the new building on an adjacent plot.
Both projects were named for AIDS awareness and prevention leader Dr. Brad Truax and completed using eco-friendly and sustainable materials and finishes, including photovoltaic solar panels, LEED Gold design specifications, ENERGY STAR appliances and energy efficient fixtures. Community amenities include outdoor dining, barbecues and a movie screen; a firepit with lounge seating; garden; bike storage; and Webpass Internet.
JLL’s Aldon Cole, Chris Collins and Anthony Rosetta originated the 10-year, fixed-rate Fannie Mae Green loan. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.
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