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2/05/20
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Hillcrest 111, a seven-story, mixed-use project to be built in San Diego’s Hillcrest neighborhood, has been provided $43 mil in construction financing. The project, a development of a joint venture between Greystar and Cigna Investments Management, is located at at 635 Robinson Ave.
Hillcrest 111 will be comprised of 111 residential units, including nine low-income apartments, and 3.2k sf of retail space on the ground floor. The structure will also include three levels of subterranean parking for residents and the retail businesses. Community amenities include a fitness center, clubroom and a rooftop deck with a spa, grills, bar and cabanas.
The project is located in one of the most walkable neighborhoods in San Diego County, with dozens of dining, retail and entertainment options within one quarter-mile of the site. Balboa Park, one of San Diego’s most popular attractions featuring 17 museums and the San Diego Zoo, is less than one mile south of the site. The property is two blocks from SR 163, a major San Diego freeway that connects Hillcrest to the rest of the county.
Mark McGovern, Morgon Fraser, Brian Cruz and Colby Matzke of CBRE’s San Diego office arranged the construction loan, which has a three-year initial term.
“Hillcrest has long been one of the most exciting and densely-populated neighborhoods in San Diego due to its rich history and vibrant culture,” said McGovern. “The rapid growth of surrounding neighborhoods like North Park and University Heights over the past ten years has made Hillcrest an even more desirable area for investment and development.”
The development of a state-of-the-art multifamily community like Hillcrest 111 is extremely rare in Hillcrest, a neighborhood that has not seen new construction of this scale in nearly a decade. Of the 19,000 multifamily units in the 92103 zip code, only 176, or 0.9%, were built in the last eight years, according to CBRE research.
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