JLL Capital Markets announced that it secured $12.6 million in construction financing for a multihousing development located in the Golden Hill neighborhood in San Diego, California.
JLL worked on behalf of the borrower, Darnell Capital Management, to secure the 18-month construction loan through a national bank.
The project will offer a modern design, with a mix of one- and two- bedroom units appealing to local residents.
The development is ideally situated between downtown San Diego’s East Village, South Park and Balboa Park. Residents will have convenient access to Balboa Park, San Diego Convention Center, Petco Park, Plazza Della Famiglia, San Diego Zoo, Seaport Village, Embarcadero and Marina Park. This transit-oriented location provides proximity to I-163, the 94 freeway, I-5 and I-15 and is located less than two miles from both the City College and Park and Market trolley stations.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director Chris Collins and Associate Jack Piegza.
“Darnell Capital Management’s thoughtful design of this development will provide tenants with an exceptional living experience in one of San Diego’s best neighborhoods,” said Collins. “We are thrilled to see this development come out of the ground.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.