March 21, 2016
Silver Street Partners obtained $16.25-million in construction financing for Silver Springs Townhomes, a planned 18-unit luxury residential project in La Jolla. The non-recourse financing was arranged on behalf of an institutional fund manager that is backing the project.
The development site was assembled with two contiguous parcels at 7601 Draper Ave. and 720 Silver St., which currently house a veterinary clinic and a U.S. Postal Service office. The new homes are expected to be priced in the $2 million range.
George Smith Partners’ Jonathan Lee, David Stepanchak and Adam Candler arranged the financing.