Max Benjamin Partners (MBP), a boutique real estate advisory firm that provides innovative capital solutions to developers and investors, announced that it has secured a $16.5 million loan for the construction of 10th & Robinson, a 70-unit multifamily community located at in the Hillcrest neighborhood of San Diego, California.
Jason Moyal and Max B. Mellman of Max Benjamin Partners secured the loan for the investor.
“Despite the challenging lending climate, we were able to secure a non-recourse construction loan from a local Southern California lender and close in just 29 days,” said Moyal. “The loan allowed for equity to be contributed post-closing prior to first draw, did not require a personal guaranty, and was priced at a competitive SOFR 540 rate with a 4% floor.”
10th and Robinson, an 8-Story residential development, located in the desirable neighborhood of Hillcrest, will provide 69 much needed new apartments to the community. Nestled into a cul-de-sac with views in every direction, this 45,000 square foot building is carefully placed on a 7,385sf lot. Amenities include a ground level co-work lounge, a penthouse-level outdoor terrace, and ground level parking. The building is designed to maximize its potential while also fitting into the growing neighborhood. This development is designed as part of the Complete Communities Housing Solutions regulations and includes affordable housing. Completion date, 2025.
Based in Beverly Hills, California, Max Benjamin Partners provides commercial real estate financing, placing debt and equity nationwide across all asset classes including multifamily, office, retail, hospitality industrial and self-storage. The firm incorporates extensive capital markets knowledge to complete any type of real estate transaction, regardless of complexity or size.
