The asset involved in this transaction is a development site located at 2700 Third Avenue in San Diego. The project encompasses a total building square footage of 85,000, aimed at constructing a multifamily residential development comprising 78 units. The loan for this project amounts to $29,800,000, specifically categorized as a construction loan.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $29,800,000
• Address: 2700 Third Avenue
• Market: San Diego
• Building Square Footage: 85,000
• Units: 78
• Lender: John Zubak & Eugene Rozovsky - Lightstone Capital
• Landlord: Jeff Svitak & Jeremy Ricks; Cast Development
• Loan Type: Construction

A joint venture led by Jeff Svitak and Jeremy Ricks, alongside Cast Development, is responsible for securing this construction loan from Lightstone Capital. Additionally, Lightstone Capital has provided a separate bridge loan of $17.6 million to Alliance Development Services for a different project involving 50 units in Carmel Mountain Ranch.