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2/26/18
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Ambient Communities secured $7.46 mil in construction financing for San Elijo Hills Town Center Phase I, which is part of the San Elijo Hills master-planned community near San Diego.
Located in San Marcos, in northern San Diego County, the San Elijo Hills master-planned community includes 3,500 homes, a 19-acre park, community building, 18 miles of hiking trails and more than 1,000 acres of open space. The community is located approximately 35 miles north of downtown San Diego and eight miles from the Pacific Ocean.
San Elijo Hills Town Center Phase I consists of four single-story buildings comprising multi-tenant retail suites ranging from 1.1k sf to 6.4k sf. In the summer of 2018, Ambient Communities will welcome its first tenants to the San Elijo Hills Town Center: Cycle Bar, Lourdes Mexican Restaurant, Downtown Academy Tutoring, Everbowl and San Elijo Pediatric Dentistry.
Additionally, 63 on-site parking spaces plus 37 street spaces will be part of the development. Not included in the collateral, but part of Phase I, is the development of 12 townhomes adjacent to the “under construction” San Elijo Phase I retail center. Once completed, Ambient Communities will have entitled, developed and managed a total of 33.9k sf of new retail, 11k sf of existing retail and 24 townhomes within San Elijo Hills Town Center.
Timothy Wright and Chris Collins with HFF arranged the 18-month construction loan, which was funded through a commercial bank. For Ambient Communities, the financing was handled by Duncan Budinger, director of Retail Development.
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