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Joint Venture Plans for $35M Condo Conversion

SAN DIEGO-A joint venture between Hammer Development LLC and ING Realty Partners will convert a 176-unit apartment complex into condos.

By Daniel D. Williams | Updated on November 16, 2004

SAN DIEGO-Hammer IRP Bonita LLC, a joint venture between ING Realty Partners and Hammer Development LLC, has acquired a 176-unit apartment complex for $34.5 million with plans to convert the property to condos. The property was sold with a recorded condo map and the conversion to condos will begin in early 2005, according to company sources.Built in 1982, the Trails of Bonita contains 48 one-bedroom, one-bath units at 675 sf each; 48 two-bedroom, one-bath units at 844 sf each and 80 two-bedroom, two-bath units at 1,490 to 1,566 sf. The two-story, the Trails of Bonita is located at 2920 Alta View Drive, 11 miles southeast of Downtown with access to Highway 54, and totals 144,912 sf. Amenities at the property include a clubhouse, fitness center, swimming pool, spa, tennis courts, racquetball court, barbeque and picnic areas, sales office, laundry facilities and carports. J. Kevin Mulhern, Dixie Hall, Dick Schneider and Rachel Hemmingway of CB Richard Ellis brokered the deal for both parties. Corus Bank, a subsidiary of Chicago-based Corus Bankshares Inc., financed the acquisition and conversion of the property. Due to the city’s strong residential market Corus Bank was “able to underwrite and close this loan in five weeks and meet the borrower’s deadline for closing,” says John M. Barkidjija, Corus Bank senior vice president. “This is the fourth loan transaction which Corus closed with an affiliate of ING Realty.” According to Wade Mains, vice president of development and operations for Hammer Ventures, the company remains bullish on the area condo market. Besides the Trails of Bonita property, Hammer closed on the 225-unit Monarch at Carmel Valley project for $83 million and acquired Madison Avenue Manor from Behr Family Partnership I for $14 million earlier this fall.

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