Max Benjamin Partners Secures $11.9M Loan For Construction Of 40-Unit Multifamily Asset In La Mesa

A tax-exempt bond financing of $11.9 million has been secured by Max Benjamin Partners for the construction of a 40-unit multifamily asset located at 7385 Colony Drive in La Mesa, San Diego, CA. The property spans approximately 29,865 square feet and is situated in a desirable market.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $11,900,000
• Units: 40
• Square Footage: 29,865
• Market: La Mesa
• Brokers: Jason Moyal, Zak Ziv, and Max B. Mellman - Max Benjamin Partners

Jason Moyal, Zak Ziv, and Max B. Mellman from Max Benjamin Partners facilitated the transaction, leveraging the imputed land value of the project and the costs paid to date. This enabled the borrower to secure a fixed-rate loan without requiring any additional cash to close.