Foulger Pratt Secures $9.5 Million Refinance Loan For Development Site In San Diego

The property asset involved in this transaction is a development site located at 753 15th Street in San Diego, with a total buildable square footage of 291,291. The site is fully entitled and shovel-ready, approved for a project comprising 303 units and an 8-story Class A multifamily development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $9,500,000
• Loan Type: Refinance - Land Loan
• Loan Terms: 2 Years, 55% LTV, Floating at Prime + 1.00%
• Landlord: Foulger Pratt
• Brokers: David Oheb & Dorian Aftalion - Meridian Capital Group

David Oheb and Dorian Aftalion from Meridian Capital Group represented the landlord in this deal. Meridian successfully structured a custom land financing solution to support the project’s long-term goals. They are currently active in arranging financing for various property types including multifamily, mixed-use, retail, and other development projects across California and New York.