HFF announces it has arranged financing for the development of Carroll Canyon, a luxury residential and retail mixed-use development in San Diego’s affluent Scripps Ranch community.
HFF worked on behalf of Sudberry Properties to arrange a construction loan through a commercial bank. Additionally, HFF secured mezzanine financing from a correspondent life company lender.
Carroll Canyon will consist of 260 apartment units and approximately 10,700 square feet of retail space that will be leased to a mix of national and regional retailers. The property sits at the northeast corner of the intersection of Interstate 15 and Carroll Canyon Road in the heart of Scripps Ranch, a centralized suburban location less than 30 minutes from beaches, North County San Diego and the San Diego International Airport. The residential component will feature high-end units averaging 908 square feet and common area amenities, including a community lounge, fitness center, spa, in-unit laundry rooms along with a mix of garage, carport and open stalls for parking. The project is due for completion in second quarter 2021.
The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and director Olga Walsh.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Sudberry Properties
San Diego-based Sudberry Properties is a real estate development and management firm that specializes in retail town centers, mixed-use projects, master-planned communities, apartments, hotels and office/industrial properties. Since its inception in 1979, Sudberry Properties has developed approximately 12.6 million square feet of commercial and residential property with a market value exceeding $2.5 billion. Major projects under development include Millenia Commons and Millenia Place in Chula Vista, The Watermark at Scripps Ranch, Breakwater at Imperial Beach; two hotels; the mixed-use El Corazon in Oceanside; and Civita, a $2 billion, 230-acre, walkable village in Mission Valley on the site of a former sand and gravel quarry.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc.