Douglas Wilson Cos. and its equity partner,New York-based Lehman Brothers Holdings, will use the loan to build the 11-story concrete-and-brick structure that will house 120 one- and two-story loft condominiums on a 40,000-sf parcel of the 800 block of Island Street.
Concrete work began at the site in late January.
When completed in mid-2002, the Parkloft building will include two subterranean levels as well as a ground level that will provide parking for approximately 200 vehicles. All 30 units in the initial phase were reserved during the first two months of presales at prices ranging from $300,000 to slightly more than $700,000.
This summer, the partners expect to begin pre-selling a second phase of about 180 units planned for construciton later on a 60,000-sf block across Island Street.
Principal Douglas Wilson says the lender has "seen the positive response we've had from prospective buyers and, as a local bank, they understand the dynamics of what's taking place in downtown San Diego and the value this project brings to the area."
The lofts will have 10-foot, eight-inch ceilings, exposed ducting, large operable windows, French doors and hardwood floors. Many units will overlook a large interior courtyard, accessed from the second level. The 10th and 11th levels will feature one- and two-story penthouses with views of the city, San Diego Ba, and the site of the San Diego Padres ballpark.
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