HFF Arranges Financing for San Diego Asset

The company secured a 10-year, fixed rate loan for a newly built five-story apartment building.
Mitra, San Diego

Mitra, San Diego

San Diego—HFF has arranged $2.94 million in financing for Mitra, a newly built, five-story, nine-unit boutique apartment building in San Diego’s East Village neighborhood developed by Nakhshab Development & Design Inc. Senior Managing Director Aldon Cole and Associate Director Chris Collins led the HFF debt placement team who represented the developer. HFF placed the 10-year, fixed-rate, non-recourse loan with a commercial bank, meant to replace the existing construction loan and provide cash out.

Completed in January, the 9,555-square-foot property is LEED Platinum certified and combines loft-style floorplans with a penthouse unit offering views of downtown San Diego and the Coronado Bridge. The open-concept units feature floor-to-ceiling windows, ENERGY STAR appliances, modern finishes and patios or balconies. Located at 340 15th St., the property is close to public transportation, I-5 and downtown destinations such as Petco Park, the Gaslamp Quarter and Balboa Park.

Image courtesy of Nakhshab Development & Design Inc.