San Diego Dev Project Had the Ambition, Now Has the Money
- Oct 15, 2015
George Smith Partners recently announced the completion of a new joint venture equity financing measure that will be used in the development of The Park. Secured on behalf of Zephyr Partners and LLJ Ventures, the financing is worth a total of $39.7 million. The George Smith Partners team that worked to obtain the loan consisted of Principal Malcom Davies, Assistant Vice Presidents Teddy Stutz and Bo Everett.
Set to take shape in the Bankers Hill neighborhood of San Diego, The Park will offer 60 high-end units, as well as a ground-level retail component of 4,317 square feet. The community’s unit mix consists of 39 two-bedroom apartments, 21 three-bedroom apartments, six townhomes and four multi-level penthouses. In-unit finishes will include top-tier appliances and 500-square-foot terraces. The community’s amenity package features a swimming pool, spa, state-of-the-art fitness center, yoga studio, outdoor lounge areas, as well as a Club Room.
Work on the project began two years ago when Zephyr Partners initiated work on getting the entitlements in place and started the acquisition process for the development site. LLJ then joined the development team in August of last year, and the venture finalized the land purchase in January 2015. Following the financing measure, the project is set for a May 2017 completion.
According to Davies, the largest difficulty met during the financing process was the projected per square-foot sale price of the completed units. It is noteworthy that The Park’s projected pricing is above the $1,000 per-square-foot mark, an unseen level for new San Diego development projects.