06
Feb

HFF announces $7.46M financing for development of retail center near San Diego

HFF announces $7.46M financing for development of retail center near San Diego

SAN DIEGO, CA – HFF secured $7.46 million for San Elijo Hills Town Center Phase One construction financing, part of the San Elijo Hills master-planned community. The HFF team worked on behalf of the developer, Ambient Communities, placing the 18-month, commercial-bank, construction loan.

Located in San Marcos, the northern portion of San Diego County (North County), San Elijo Hills is a master-planned community including 3,500 homes, a 19-acre park, community building, 18 miles of hiking trails and over 1,000 acres of open space. The community is located approximately 35 miles north of downtown San Diego and eight miles from the Pacific Ocean. San Elijo Hills Town Center Phase I consists of four single-story buildings, comprising multi-tenant retail suites ranging from 1,080 to 6,400 square feet. Coming Summer 2018, we welcome our first tenants to the San Elijo Hills Town Center; Cycle Bar, Lourdes Mexican Restaurant, Downtown Academy Tutoring, Everbowl and San Elijo Pediatric Dentistry. As leasing progresses more tenants will be announced.

Additionally, 63 on-site parking spaces plus 37 street spaces will be part of the development. Not included in the collateral, but part of Phase I, is the development of 12 townhomes adjacent to the “under construction” San Elijo Phase 1 retail center. Once completed, Ambient Communities will have entitled, developed and managed within San Elijo Hills Town Center, a total of 33,900 square feet of new retail, 10,997 square feet of existing retail and 24 townhomes.

“Ambient Communities values our relationship with the HFF team and we are excited this phase of funding has been secured,” commented Duncan Budinger, Director of Retail Development, Ambient Communities. “This project is attracting exciting new tenants to an already successful shopping destination and we are extremely grateful for the community’s support.”

The HFF team representing the borrower included senior managing director Timothy Wright and director Chris Collins.

“Ambient Communities took the time to understand the desires of the local community and is developing a project that offers a thoughtful complement of retail and office, respecting the unique character and scale of the village.”, added Collins.

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

About Ambient Communities

Ambient Communities is an opportunistic real estate development company with a forte in in-fill and suburban land planning and entitlement; land development and construction of multifamily; attached and detached for-sale residential; mixed-use; and commercial. For more information, visit http://ambientcommunities.com.

About HFF
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:
TIMOTHY WRIGHT
CA Lic. #00947194
HFF Senior Managing Director
(858) 552-7690
twright@hfflp.com

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
ksteele@hfflp.com