Genesis Capital Provides $66.15 Million Construction Loan For Ambient Communities’ San Diego Project

The property asset involved in this transaction is a development site located at 555 Hollister Street in San Diego, featuring a total of 198 units. The loan amount secured for this project is $66,150,000, specifically designated for construction purposes, with terms extending over a three-year period.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $66,150,000
• Market: San Diego
• Units: 198
• Lender: Genesis Capital
• Landlord: Ambient Communities
• Brokers: Aaron Beck, Bryce Quezada, Conor Freeman & Wyatt Campbell - NorthMarq

The deal features a construction loan provided by Genesis Capital, which is also convertible to permanent financing. NorthMarq facilitated this transaction for the Palm & Hollister project, which will include amenities such as a pool and outdoor firepit areas.