Friday, April 29, 2011

HFF arranges $59.5 million in construction and mezzanine financing for the first project of the Civita master-plan in San Diego, CA

SAN DIEGO, CA – HFF announced today that it has arranged a $59.5 million construction and mezzanine loan for the Circa 37, a Class A, 306-unit multi-housing community.  Circa 37 is part of the first phase of the Civita master-planned development (top left rendering),  which is in the Mission Valley community of San Diego, California.

HFF worked exclusively on behalf of Sudberry Development, Inc. to secure the $47 million, three-year construction loan through Wells Fargo Real Estate Group, Inc.    A $12.5 million mezzanine loan was secured through a life insurance company.

Formerly known as Quarry Falls, Civita is a 230-acre  urban infill community, which upon build-out may include 4,780 residential units, 480,000 square feet of retail, 420,000 square feet of office, a civic center with amphitheater, a recreation center and public parks/open space. .

The Civita community is west of Interstate 805 at 5723 Mission Center Road in Mission Valley.  The community will have access to the San Diego Trolley via a pedestrian bridge and is close to Qualcomm Stadium, Interstates 15 and 8, Highway 163, and multiple dining, hospitality, restaurant and entertainment destinations.

Available for first occupancy in April 2012, the 10.65-acre Circa 37 project will have 11 buildings with 306 one-, two- and three-bedroom units averaging 948 square feet each.  Featuring classic architecture with an urban feel, the planned community amenities include a clubhouse with fitness center, game room and roof terrace, a junior Olympic resort-style salt water swimming pool and an outdoor children’s play area. 

The HFF team representing the borrower, Sudberry Development, Inc., included director Aldon Cole (middle right photo) and senior managing director Tim Wright (lower left photo).

“Circa 37 is the first project within one of the largest development sites in central San Diego.  Sudberry Properties is an ideal developer of the site due to their commitment to the community of San Diego and their prior successes in entitling and developing other Mission Valley sites,” said Cole. “Upon build-out, this will be an outstanding development in an area that has long been identified as a preferred location to live, work and play.”

Sudberry Development is a San Diego-based real estate development and asset management company that specializes in institutional quality projects and mixed-use town center communities.  

Aldon L. Cole, HFF Director, (858) 552-7690,
Timothy D. Wright, HFF Senior Managing Director, (858) 552-7690
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

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