Greenline Developmental Group Secures $46 Million Construction Loan For Development Site In San Diego

The asset involved in this transaction is a development site located at 3604 4th Avenue in San Diego, featuring a total square footage of 74,242. The loan amount secured for this construction project is $46,000,000 and is categorized under construction financing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $46,000,000
• Loan Type: Construction
• Loan Terms: 67% LTV; 95% LTC; 9.35% Blended IR; 24 Months Term; Non-Recourse
• Landlord: Adam Greenberg & Gilad Tamir - Greenline Developmental Group
• Brokers: Jason Moyal, Max B. Mellman & Drew Rands - Max Benjamin Partners

MBP secured $44.6M in construction financing to facilitate the ground-up construction of an 8-story, 89-unit building in San Diego. This financing will also serve to refinance the existing A&D loan and support the vertical construction of the property using land lift as equity based on the value created during entitlements and approvals.