SAN DIEGO, CA - June 30, 2014 – HFF announced today that it has arranged $5 million in financing for The Point @ Ingraham, a newly-built, mixed-use residential and retail project in Pacific Beach (San Diego), California.
HFF worked on behalf of the borrower, Veritas Urban Properties, to secure the 4.17 percent, ten year, fixed-rate loan through HFF’s life insurance company correspondent Aegon USA Realty Advisors, Inc. Loan proceeds are taking out the existing construction loan and providing cash out to the borrower. The loan proceeds and interest rate were locked in advance of the project’s lease-up and prior to any property operating history, an advantage unique to life insurance companies.
“HFF was great to work with, and helped produce excellent value on an expedited schedule,” said Russ Murfey of Veritas Urban Properties.
The Point @ Ingraham is located at 3805 Ingraham Street a few blocks south of Garnet Avenue, a major retail and entertainment thoroughfare, in the heart of Pacific Beach, and within 10 miles of downtown San Diego. Completed in January 2014, the property consists of a three-story residential building with 21 one- and two-bedroom units averaging 756 square feet per unit, plus 2,266 square feet of ground floor retail. The retail component is fully leased to The Promiscuous Fork.
The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and associate director Bryan Clark.
Veritas Urban Properties was founded to fill a growing need for creative solutions in the urban landscape. The company has development experience that includes more than 1,000 residential units and 60,000 square feet of commercial space and was recently recognized by San Diego Magazine as one of San Diego’s Next Generation of Civic Leaders. The builder on the project was Murfey Construction, Inc.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.