San Diego Mixed-Use Community Lands $21M Refi

The proceeds of the 10-year, fixed-rate commercial financing arranged by HFF will be used to refinance an existing construction loan for The Californian, a luxury property in the city’s Point Loma suburb.
The Californian. Image courtesy of HFF

HFF has arranged $20.5 million financing for the development of The Californian, a mixed-use development featuring luxury residential and ground-floor retail, in the coastal San Diego suburb of Point Loma, Calif.

The financing was arranged on behalf of the developer, a joint venture of Murfey Co. and Bishop Ventures. The proceeds of the 10-year, fixed-rate commercial bank-supplied loan went toward refinancing existing construction financing.

Built in 2018 on 2.65 acres at 3233 Kemper St., the three-story, elevator-serviced community offers 81 luxury units, as well as 3,137 square feet of ground-floor retail space and 108 parking spaces. The property is seeking LEED certification, according to Yardi Matrix.

The Californian is adjacent to West City Campus, a newly-constructed continuing education facility operated by the San Diego Community College District. Offering easy access to Interstate 5, Interstate 8 and the Pacific Coast Highway, the property is also 2 miles from Ocean Beach and the Liberty Station master-planned community.

The apartments, ranging from studio to three-bedroom units, incorporate high-end finishes. A courtyard with swimming pool highlights the community’s amenity offerings.

Representing the borrower was an HFF debt placement team led by Managing Director Bryan Clark, Senior Managing Director Aldon Cole and Associate Bharat Madan.

Just last month, HFF arranged $145 million in construction financing for the final phase of Centrum Apartments, a 442-unit residential project in San Diego’s Kearny Mesa neighborhood.