{"id":1004106184,"date":"2014-10-24T07:15:22","date_gmt":"2014-10-24T15:15:22","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=301446"},"modified":"2022-12-07T02:40:23","modified_gmt":"2022-12-07T10:40:23","slug":"hff-secures-7-5-million-for-hillcrest-m-f-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-secures-7-5-million-for-hillcrest-m-f-project\/","title":{"rendered":"HFF Secures $7.5 Million for Hillcrest M-F Project"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

A residential project in San Diego\u2019s Hillcrest neighborhood recently received a major boost as developer Hillcrest Veritas L.P. secured $7.46 million in construction and permanent financing. HFF arranged the 12-year, fixed-rate loan, which is being provided by a correspondent life insurance company.<\/p>\n

Located northwest of Balboa Park at 4021 Eighth Ave., Hillcrest Apartments will occupy a 15,200-square-foot site. The 36-unit, five-story project will offer residential units averaging 877 square feet of space. The community will offer one- and two-bedroom units, as well as above-grade parking. Hillcrest Apartments is currently due for completion in 2016.<\/p>\n

The borrower locked in a 4.29 percent rate, with an interest-only period of up to 27 months. At stabilization, the 71 percent loan-to-cost financing will convert to a permanent loan. An earn-out feature allows the borrower to draw additional funds upon stabilization. The HFF team consisted of Senior Managing Director Aldon Cole and Associate Director Bryan Clark.<\/p>\n

Hillcrest Veritas\u2019 experience includes more than 1,000 residential units and 60,000 square feet of commercial space. Murfey Construction Inc. , which specializes in commercial and residential mixed-use urban infill projects, serves as general contractor.<\/p>\n

 <\/p>\n

\n","protected":false},"excerpt":{"rendered":"

A residential project located in San Diego’s Hillcrest neighborhood recently received a massive boost as developer Hillcrest Veritas, LP received $7.46 million in construction-permanent financing. HFF worked on behalf of the developer to secure the financing, a 71 percent loan-to-cost, 12-year, fixed rate construction-permanent loan through a correspondent life company lender.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1608],"tags":[],"class_list":["post-1004106184","post","type-post","status-publish","format-standard","hentry","category-latest","category-san-diego"],"acf":[],"yoast_head":"\nHFF Secures $7.5 Million for Hillcrest M-F Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-7-5-million-for-hillcrest-m-f-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFF Secures $7.5 Million for Hillcrest M-F Project\" \/>\n<meta property=\"og:description\" content=\"A residential project located in San Diego’s Hillcrest neighborhood recently received a massive boost as developer Hillcrest Veritas, LP received $7.46 million in construction-permanent financing. 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