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6/20/14
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Zephyr Partners has obtained $12.7 mil in pre-development financing for a mixed-use project encompassing a full city block in downtown San Diego. The development is planned to include two 32-story towers comprised of both residential and retail space.
The new financing was arranged by George Smith Partners’ Principal Malcolm Davies. It consists of an interest-only loan with a large interest reserve, priced at 6.5 percent for two years with a one year extension.
Zephyr Partners acquired the full city block property located between Seventh Avenue, Eighth Avenue, Broadway and C Street, for $21.1 mil. According to Davies, the development site is downtown San Diego’s largest land acquisition this year, and is poised to be one of the first downtown condo projects to move forward to construction.
Upon completion, the development is planned to consist of 700 residential units and 60k sf of anchored retail space. A leased in-line retail center currently occupies the site and the land is not yet fully entitled for the planned work.
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