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

Property Image
FINANCED
$9,500,000
David Oheb
Dorian Aftalion

California

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Development Site
Financed 07/02/2025
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Property Image
FINANCED

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

753 15th Street

See Similar Deals
Development Site
Financed 07/02/2025
David Oheb
Dorian Aftalion
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan

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.

Players

David Oheb
Meridian Capital Group
David Oheb
77 deals$821.5M volume(212) 612-0193
BROKER
Dorian Aftalion
Meridian Capital Group
Dorian Aftalion
25 deals$219.4M volume(310) 867-2304
BROKER
Meridian Capital Group
Meridian Capital Group
BROKERAGE

Details

FINANCED
IMAGE: David Oheb & Dorian Aftalion DATE: 07/02/2025 ADDRESS: 753 15th Street MARKET: San Diego ASSET TYPE: Development Site ~ BSF: 291,291 LANDLORD: Foulger Pratt BROKERS: David Oheb (@TeamOheb) & Dorian Aftalion (@Dorianxre) - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $9,500,000 LOAN TYPE: Refinance - Land Loan LOAN TERMS: 2 Years, 55% LTV, Floating at Prime + 1.00% NOTE FROM BROKER: Meridian successfully arranged land financing for a fully entitled, shovel-ready development site in the heart of Downtown San Diego. The 1.15-acre site is approved for a 303-unit, 8-story Class A multifamily project. Meridian stepped in to deliver a custom-tailored loan structure with highly favorable terms, positioning the project for long-term success. Meridian is actively arranging financing for multifamily, mixed-use, retail, industrial, office, specialty-use, and ground-up construction projects in California, New York, and across the country. To learn how Meridian can add value to your portfolio, please contact: David Oheb 📞 212-612-0193 ✉️ [email protected] Dorian Aftalion 📞310-867-2304 ✉️ [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$9,500,000.00

Monthly NOI$63,333.33
Monthly Debt Service$60,046.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00