New York Life Real Estate Investors Provides $102.4M Construction Loan For Otay Business Park In San Diego

An industrial asset located at 7401 Bristow Court in the San Diego market is currently undergoing development. The asset spans 612,240 square feet and represents the first phase of the Otay Business Park, with an estimated completion date in mid-2026 and full buildout anticipated by 2027.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $102,400,000
• Loan Type: Construction
• Loan Terms: three-year, floating-rate
• Lender: New York Life Real Estate Investors
• Landlord: Brig Black - Elevation Land Co.; Michael Levy & Bob McClain - Crow Holdings
• Brokers: Aldon Cole & Ben Choromanski - JLL

The transaction highlights key players in the development space, with Brig Black representing Elevation Land Co., and Michael Levy and Bob McClain representing Crow Holdings. The loan was arranged by Aldon Cole and Ben Choromanski from JLL, underscoring their role in facilitating the financing for this significant construction project.