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March 28, 2024
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SAN DIEGO NEWS
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Newly Constructed Res Project in San Diego Lands New Financing

3/28/17

Nakhshab Development & Design Inc has obtained $2.94 mil in financing on Mitra, a newly built, five-story, nine-unit boutique apartment building in San Diego’s East Village neighborhood. The property is located at 340 15th St, within walking distance to numerous downtown destinations, including Petco Park, the Gaslamp Quarter and Balboa Park.

Completed in January, Mitra provides nearby access to public transportation and the area’s major freeways via Interstate 5. The LEED Platinum property’s nine units total approximately 9.6k sf and encompass a mix of eight loft-style floorplans and one penthouse unit offering views of downtown San Diego and the Coronado Bridge. The open-concept units feature floor-to-ceiling windows, ENERGY STAR® appliances, mid-century modern finishes and patios or balconies.

Aldon Cole and Chris Collins with HFF placed the 10-year, fixed-rate, non-recourse loan with a commercial bank. Loan proceeds replaced the existing construction loan and provided cash out.





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