Scripps Ranch Build Secures Funding

Sudberry Properties has secured construction financing for the development of Carroll Canyon, a luxury mixed-use property in Scripps Ranch, an affluent community in San Diego. The financing package includes a construction loan from a commercial bank and mezzanine financing through a life company.

Carroll Canyon will feature 270 apartment units and 10,700 square feet of retail space. The high-end units average 908 square feet, while the property will feature common area amenities, including a community lounge, fitness center, spa, in-unit laundry rooms along with a mix of garage, carport and open stalls for parking. The project is due for completion in second quarter 2021.

The HFF debt placement team senior managing director Aldon Cole and director Olga Walsh secured the funds on behalf of the borrower.