The asset involved is a development site for a nine-story, 70-unit multifamily project located in San Diego. It averages 360 square feet per unit and is part of a construction financing deal. The project is set to benefit from a $13,400,000 construction loan to facilitate development costs in the San Diego market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $13,400,000
• Loan Type: Construction
• Loan Terms: Nonrecourse loan at a 75 percent loan-to-cost ratio, 24-month term with two six-month extension options

The individuals facilitating this transaction are Trevan Swierczewski and Alexander Santulis, representing PSRS- Pacific Southwest Realty Services. They successfully secured the construction financing from a debt fund, marking a significant step forward for the multifamily project in San Diego.