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9/26/16
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Fident Capital has arranged $7.1 mil of joint venture equity financing for the construction of Stone Creek Casitas, a 97-unit res project being built by La Terra Development in Chula Vista. The equity offsets a $15.4 mil non-recourse construction loan from a national banking source.
Stone Creek Casitas is a 97-unit, garden style multi-family project located on a five-acre site at 3875 Main St, within a gentrifying area in the western region of San Diego’s South Bay. The project will benefit from the City of Chula Vista’s improvement along this three-mile transportation corridor running from the I-805 west to I-5.
The project will feature one- and two-bedroom units ranging from 750 sf to 1k sf and renting for approximately $1,500 to $2,000/month. Each unit includes air conditioning, in-unit washer/dryer, and a dishwasher, while many units have patios. Property amenities include a pool, clubhouse, BBQ, picnic areas, and guest parking. A protected creek runs through the property, which will be enhanced with a walking bridge to embellish the “stone creek” concept. The first release of units is estimated in late 2017.
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