Parkview Financial announced it has provided a US$7 million loan to San Francisco-based India & Beech, LLC for the acquisition of a land parcel and first phase of construction funding of India & Beech tower.
Located in the Little Italy neighborhood of downtown San Diego, at 1460 India Street, the 10,019-square-foot (930-square-meter) site is currently being used as a parking lot. India & Beech, LLC recently acquired the site for US$7.1 million and used Parkview’s loan in conjunction with the borrower’s cash to acquire the property. The buyer has plans for the development of a 28-story, mixed-use building project with dwelling units and retail space.
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The proposed project is planned to include 302 apartment units over 11,724 square feet (1,090 square meters) of retail space and two levels of above-grade parking, totaling 150 spaces. The project is set to begin construction in 2020, with completion anticipated for 2022.
“Parkview is pleased to help with the funding for both the acquisition as well as the initial construction phase,” said Paul Rahimian, CEO of Parkview Financial. “This project will be a great addition to this dense pocket in San Diego.”
“Downtown San Diego is a vibrant area and Little Italy is particularly popular with those seeking an amenity-rich, coastal-adjacent place to live. We see 1460 India as a project that will help meet the local demand for housing as well as retail in this dense infill location,” he added.
Nearby amenities include cocktail bars, brewpubs, and restaurants with outdoor seating, retail shops, a farmers’ market, and close access to the North San Diego Bay.
For more on this story, go to Multihousing Professional.