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11/20/15
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By Allen Wolfsheimer
CityMark Development has obtained $14 mil in equity funding for a $48 mil redevelopment project in San Diego’s Little Italy area. The money, which will complement other construction funding for the project, was arranged by Fident Capital and provided by a Los Angeles-based hedge fund.
The project is for the former Caliber Collision Center site, located on the western half of the city block from 2101 to 2175 Kettner Blvd, between Ivy and Hawthorn. The outdated industrial improvements currently at the site will be replaced by a modern, six-story structure slated to contain 129 residential units totaling about 100k sf, along with 8k sf of retail podium space and 2.5 levels of subterranean parking.
CityMark intends to preserve the historic front entrance façade of the structure. Tanner Hecht Architecture is the design architect, while Van Tilburg, Banvard & Soderbergh is the architect of record. The project will break ground in early 2016 and should be completed in spring of 2017.
According to Fident Capital President Kevin Choquette, San Diego’s Little Italy submarket boasts very strong rents and ultra-low vacancy, while enjoying exit cap rates at peak levels.
Commenting on the transaction, Choquette added, “The investor that provided the equity is an ideal institutional equity partner for the project. The fund manages over $2 bil in assets and focuses exclusively on urban infill residential projects that contain over 100 units.”
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