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September 28, 2020
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Acquisition of Downtown San Diego Development Site Funded with $7 Mil Loan


San Francisco-based India & Beech LLC acquired a 10k sf land parcel in the Little Italy neighborhood of downtown San Diego for development of a high-rise residential/retail tower. The $7.1 mil purchase is being funded by a $7 mil loan provided by Parkview Financial that will also go towards the first phase of construction.

Located at 1460 India Street, the site is currently being used as parking lot. India & Beech used Parkview’s loan in conjunction with the borrower’s cash to acquire the property.

The buyer has plans for the development of a fully entitled, mixed-use 28-story urban infill project. The proposed project is planned to include 150 apartment units over 11.7k sf of retail space and two levels of above-grade parking totaling 150 spaces. The project is set to begin construction in 2020 with completion anticipated for 2022.

“Parkview is pleased to help with the funding for both the acquisition as well as the initial construction phase,” said Paul Rahimian, CEO of Parkview Financial. “This project will be a great addition to this dense pocket in San Diego.”

“Downtown San Diego is a vibrant area and Little Italy is particularly popular with those seeking an amenity-rich, coastal-adjacent place to live,” noted Paul Rahimian, CEO of Parkview Financial. “We see 1460 India as a project that will help meet the local demand for housing as well as retail in this dense infill location.”

Little Italy is a trendy, highly walkable neighborhood in downtown that offers a diverse set of amenities to residents and visitors alike. Some of these include cocktail bars, brewpubs and restaurants with outdoor seating, retail shops, the weekly Little Italy Mercato Farmers’ Market and Waterfront Park with access to the bay.

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