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November 20, 2019
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MULTIFAMILY NEWS
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Point Loma Mixed-Use Development Refinanced with $20.5 Mil

5/23/19

Murfey Company and Bishop Ventures recently obtained $20.5 mil in financing for The Californian, a luxury residential and retail mixed-use development in the coastal San Diego submarket of Point Loma.

The Californian is situated at the intersection of Kemper St and Midway Dr, adjacent to the newly completed West City Campus, a continuing education facility operated by the San Diego Community College District. In addition, the property is two miles from the Liberty Station master-planned community and Ocean Beach, and offers convenient access to I-5, I-8 and the Pacific Coast Highway.

The three-story, elevator-served building encompasses 81 residential units totaling 68k sf, 3.1k sf of ground-floor retail and 108 parking spaces. Completed in 2018, units feature high-end, modern finishes and common area amenities include a rec room, courtyard with swimming pool, jacuzzi, barbeques and lounge areas throughout the property.

Bryan Clark, Aldon Cole and Bharat Madan with HFF arranged the 10-year, fixed-rate loan through a commercial bank. Loan proceeds were used to refinance existing construction financing.





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