Hines And Affinius Capital Secure $380M Construction Loan For Riverwalk San Diego Development

The development site at 1150 Fashion Valley Road in San Diego encompasses 200 acres. The project is part of the Riverwalk San Diego initiative, which has a total projected cost of $4 billion. This site will include multiple residential and commercial components in its first phase, such as 721 apartments, 75,000 square feet of grocery-anchored retail space, a 190-unit affordable housing complex, and a new trolley station.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $380,000,000
• Lender: Aram Zakian - Bank OZK; Related Fund Management
• Landlords: Jeffrey C. Hines & Laura Hines-Pierce - Hines; Len O'Donnell - Affinius Capital
• Loan Type: Senior & Mezzanine

Hines and equity partner Affinius Capital initiated the Riverwalk San Diego project following the successful acquisition of $380 million in construction financing, with $278 million sourced from Bank OZK and $102 million from Related Fund Management. The project's completion is anticipated for spring 2029, representing a significant development in Mission Valley.