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3/01/17
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HFF has arranged $12.73 mil in construction financing for the development of Driftwood, a to-be-built, Class A mixed-use building with 81 luxury multi-housing units and 3.1k sf of retail in San Diego’s Point Loma/Midway district. The project is a development of K&K Veritas LP, an affiliate of Veritas Urban Properties and Bishop & Company.
Driftwood will be situated on a two-acre lot at the corner of Kemper and Kenyon in San Diego’s Point Loma/Midway district, a thriving commercial and residential district. The site is currently an empty lot adjacent to the new $18 mil West City community college campus, and two major outpatient healthcare facilities, Sharp Healthcare and Kaiser Permanente, are in the vicinity. Two grocers, a 24-Hour Fitness, Target, Home Depot and Dick’s Sporting Goods are within walking distance from the property, which is two miles from the Liberty Station master-planned community and Ocean Beach.
Once completed, Driftwood will consist of stacked flats within a three-story, elevator-serviced building with interior common hallways and stairwells. Units will feature a full stainless steel appliance package, soft-close drawers, granite or quartz countertops with undermount sinks, stained concrete or ceramic tile floors and carpet in the bedrooms, and most units will have private balconies. Community amenities include a communal courtyard with hot tub, barbeques, lounge areas and on-grade parking with 109 stalls.
Pacific Western Bank is funding the two-year loan. HFF’s Aldon Cole, Bryan Clark and Chris Collins arranged the transaction. Murfey Construction is the general contractor.
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