March 28, 2017
San Diego-based Nakhshab Development & Design, Inc., secured $2.9 million in financing for Mitra, a nine-unit boutique apartment project in San Diego’s East Village. The newly-built, five-story development is at 340 15th St.
Working on behalf of the developer, HFF’s debt placement team of Aldon Cole and Chris Collins placed the 10-year, fixed-rate, non-recourse loan with a commercial bank. Loan proceeds replaced an existing construction loan and provided cash out.
The LEED Platinum property’s units total roughly 9,555 square feet, encompassing a mix of eight loft-style floorplans and one penthouse unit. The open-concept units feature floor-to-ceiling windows, Energy Star appliances, mid-century modern finishes and patios or balconies.
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