San Diego, California – Our Commercial Loans news for the day comes from one of the most beautiful places in the Country. San Diego, California is a highly desired location for commercial real estate investors. A Commercial Real Estate development has obtained a construction loan and mezzanine loan. The Commercial Real Estate development receiving the construction loan and mezzanine financing is Circa 37 Apartments. This Commercial Loan collateral will be a multi family apartment development positioned in the middle of the Creekside District of the well designed Civita master planned community.
This Commercial Loan collateral will be surrounded by pedestrian friendly streets and various public parks and open spaces, This San Diego Commercial Loan Collateral sits in the master planned community which will strive for pedestrian links between neighborhoods, and public transportation. This San Diego Commercial Loan Collateral also was planned to take advantage of the local open spaces, and benefit from community landmarks.
These Commercial Real Estate Developers were able to obtain $59.5 million in commercial loans for the Circa 37 project. Commercial Mortgage Lenders secured the capital on behalf of the Commercial Mortgage borrower, Sudberry Development, Incorporated. Commercial Mortgage Lenders were able to get the financing in two forms of commercial loans, $47 million, for the construction loan, and a $12.5 million mezzanine loan. The California Mezzanine loan was financed with capital from a life insurance company. Commercial Mortgage Lenders have been receiving funding from life insurance company sources for Commercial Loans and Mezzanine loans.
The California Commercial Loan collateral will be planned as a 306-unit apartment complex. This California Commercial Loan collateral is planned as the first phase of Sudberry Properties’ Civita mixed-used development located in San Diego’s growing Mission Valley. The Commercial Real Estate development, Circa 37 was aptly named for 1937, that was the year when a former rock quarry at this California site was first mined.
The Commercial Loan collateral is situated just west of Interstate 805 at 5723 Mission Center Road. This California Commercial Loan collateral will have access to the San Diego Trolley with a planned pedestrian bridge. This Commercial Loan collateral is close to Qualcomm Stadium, Interstates 15 and 8, Highway 163, and various NNN Commercial Real Estate properties. The Tenants at Circa 37 Apartments will be able to choose from various dining establishments, hospitality, and exciting entertainment destinations.
The California Commercial Property site, Circa 37 project, is planned for Tenants to begin leasing Apartments in April of 2012. The Commercial Loan collateral will consists of 11 buildings and these structures will be made up of one-, two- and three-bedroom units which will average approximately 943 square feet. This Commercial Mortgage collateral will supply numerous amenities for Tenants that will include a clubhouse, well equipped fitness center, game room, relaxing roof terrace, salt water swimming pool and an outdoor playground for the children.
Sudberry Development (Sudberry Properties) is a San Diego based commercial real estate development and asset management company. This commercial real estate developer specializes in high quality retail shopping center projects and mixed-use town center communities. This commercial real estate developer is also one of the leading retail net lease properties developer and urban community developers in Southern California. This San Diego based commercial real estate development firm was the only San Diego developer to be featured in publications of the Congress for the New Urbanism and the National Trust for Historic Preservation sites.
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