CBRE Secures $43M Construction Loan for San Diego MXU

CBRE’s San Diego Capital Markets’ Debt & Structured Finance team has secured a $43 million construction loan for the development of Hillcrest 111, a seven-story mixed-use property located in the Hillcrest neighborhood of San Diego, CA.

CBRE’s Mark McGovern, Morgon Fraser, Brian Cruz and Colby Matzke arranged the construction loan with a 3-year initial term, on behalf of a joint venture between Greystar and Cigna Investments Management.

Located at 635 Robinson Ave., Hillcrest 111 will be feature 111 residential units (including nine low-income apartments), 3,200 square-feet of street level retail space and three levels of subterranean parking for residents.

According to CBRE research, new development on this scale is extremely rare in Hillcrest, a neighborhood that has not seen new construction of this size in nearly a decade. Of the 19,000 multifamily units in the area, only 176, or 0.9 percent, were built in the last eight years.