Abpopa Hillcrest

$5,700,000 Mixed-use Loan from Bank

City: San Diego, CA
Loan amount: $5,700,000
Lender type: Bank
Property type: Mixed-use
Size: 28 Units

Transaction description

Pasha Johnson of PSRS recently arranged a $5.7M construction take-out loan for a mixed-use apartment building in San Diego, California. The building is 100% Airbnb mixed-use development consisting of 25 unique micro-lofts, a penthouse loft event space, and two ground-floor retail suites. Funded during the ongoing Covid-19 pandemic, PSRS was able to negotiate a one-year interest reserve to be drawn down until the property reaches a 1.20x DCR.

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