ACRES Capital Provides $21M Construction Loan for San Diego Multifamily Project
Champion Development Partners has landed a $20.7 million loan for the construction and stabilization of the North Park Community Center, a multifamily project in San Diego, Calif., Commercial Observer has learned.
ACRES Capital provided the financing for the project in a transaction arranged by Matthew Sirianni of Fident Capital.
“We are excited for the opportunity to fund the North Park Community Center as it will provide high-quality housing to a variety of residents, and younger renters in particular,” ACRES CEO and President Mark Fogel said. “San Diego remains a popular city for Millennials, and the North Park neighborhood comprises one of the highest concentrations of this age cohort in the region. The area’s walkability and easy access to employment hubs will help ensure this project’s success.”
Located at 3066 North Park Way, the project will feature 94 apartment units, 3,031 square feet of retail on the ground floor and 13 parking spaces.
The North Park Community Center is located close to San Diego’s arterial streets of University Avenue and 30th Street, and in close proximity to schools, retail, beaches and entertainment venues. The North Park neighborhood sits within the Balboa Park submarket, which has a diverse employment base, including health care, professional services, technology and retail trade industries.
“The ACRES team recognizes our local expertise and deep familiarity with San Diego, and the continued success of our investment strategy,” George Champion III, owner of San Diego-based Champion, said. “They were able to provide us with a flexible financing solution that will allow us to realize our vision for the North Park Community Center, which will offer renters both luxury and convenience in the heart of North Park.”
ACRES has remained active in the market throughout the pandemic. Fogel recently spoke with CO regarding the evolution of the bridge lending sector, and how transitional lending has changed in the post-COVID world.