September 3, 2019 Comments Off on Construction Financing Secured for Hillcrest Multifamily Development Views: 1155 California News, San Diego

Construction Financing Secured for Hillcrest Multifamily Development

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JLL arranged $14.25 million in financing for the development of Arbor Terrace, a five-story, 50-unit multi-housing project located in San Diego’s Hillcrest submarket. JLL worked on behalf of the developer, 325 Arbor Terrace LLC, a partnership owned by the Tibbitts family of San Diego, to arrange the two-year, floating-rate construction loan through Pacific Western Bank.

The project will be developed on a 0.3-acre site at 4186 4th Ave., near UC San Diego Medical Center, Hillcrest and Scripps Mercy Hospital San Diego. The property will include a mix of studio and one-bedroom units averaging 560 square feet, situated above a two-story parking garage. Completion is expected Q1 2021.

The JLL Capital Markets team representing the developer was led by Aldon Cole.

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