Sonnenblick-Eichner Co. procured the loan for the University City Village Apartments near La Jolla. The 75-acre property includes such amenities as a nine-hole par three golf course.
The project recently received approval to increase its density from 542 to 1,109 units, plus an 80-unit assisted-living facility.Sonnenblick-Eichner Co. has been retained as the exclusive agent for University City Village Apartments to secure construction financing for the $86-million redevelopment.
"This interim financing was competitively bid due to the property's fine location, and it being a multifamily project in one of the country's strongest multifamily markets," says David Sonnenblick, principal of Sonnenblick-Eichner Co. "Our client was able to realize equity from the project to be used for working capital until construction financing can be procured for the redevelopment.
"We have also received interest from many national multifamily development companies seeking a strategic alliance with our client for the redevelopment. These inquiries are under consideration," Sonnenblick adds.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
