A Southern California developer has landed an eight-figure construction loan for a transit-oriented affordable housing project in San Diego.\u00a0<\/p>\n
Encinitas-based Ambient Communities<\/a> secured $66.2 million for Palm & Hollister Apartments, a 198-unit, garden-style complex at 555 Hollister Street in San Diego. Northmarq<\/a>\u2019s Aaron Beck, Bryce Quezada, Conor Freeman and Wyatt Campbell arranged the financing with lender Genesis Capital<\/a> on behalf of Ambient.<\/p>\n SEE ALSO: Rudin Nears $350M Recapitalization for 845 Third Avenue\u2019s Next Chapter<\/a><\/p>\n Ambient\u2019s development is in San Diego\u2019s Palm City neighborhood, adjacent to the Palm Avenue MTS Trolley Station and just one block east of Interstate 5. The project will only include eight affordable units at 30 to 60 percent of the local area median income, according to plans filed with the City of San Diego.<\/p>\n The loan, which closed within 60 days due to Northmarq\u2019s long-standing relationship with Genesis, per the broker, will have an initial three-year term with an option to roll the debt into a mini perm loan upon completion of the project.\u00a0<\/p>\n \u201cThis was a very competitive process, with multiple quotes received. Genesis Capital ultimately won the business by providing up to 75 percent\u00a0 loan-to-cost and structuring a few key terms for the borrower, including the deferral of equity at an attractive interest rate,\u201d Beck said in a statement. \u201cThe loan was also negotiated on the borrower\u2019s behalf to allow them to take advantage of the declining short-term interest rate environment.\u00a0<\/p>\n As traditional banks continue to shrink away due to market uncertainty and red tape, Genesis Capital is becoming a standout alternative lending platform for borrowers seeking greater flexibility and financing options<\/a>. Genesis CEO Clint Arrowsmith sat down with Commercial Observer in October<\/a> to discuss his firm\u2019s growth, relationship-driven lending and market trends.\u00a0Nick Trombola can be reached at ntrombola@commercialobserver.com<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"A Southern California developer has landed an eight-figure construction loan for a transit-oriented affordable housing project in San…\n","protected":false},"author":2,"featured_media":67978,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[40362,40363,8815,40364,40360,40361,40365,40366,74,76,75,40367],"class_list":["post-67977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-diego","tag-aaron-beck","tag-bryce-quezada","tag-channel","tag-conor-freeman","tag-construction-financing","tag-finance-555-hollister-street","tag-palm-hollister-apartments","tag-palm-avenue-mts-trolley-station","tag-san-diego","tag-san-diego-headlines","tag-san-diego-news","tag-wyatt-campbell"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/67977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=67977"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/67977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/67978"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=67977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=67977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=67977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}