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San Diego Affordable Housing Arriving in the Nick of Time
A 170-unit 5.3-acre affordable housing multifamily development now underway will bring critically needed affordable housing to the San Diego metropolitan area. Pembrook Capital Management LLC is providing an $11.7-million mezzanine loan to finance the development of Bonita Glen, located at 245 Bonita Glen Dr. in Chula Vista.
The borrower is GenProp LLC. Pembrook’s mezzanine loan accompanies an additional first mortgage loan that GenProp secured from Bank of the Ozarks.
Upon completion, the Bonita Glen community will be comprised of seven buildings including six three-story walk-up buildings with 104 units and one four-story elevator-served building with 66 units. The unit mix will include studio, and one- and two-bedroom apartments.
Its planned amenities include a pool and spa area with an outdoor kitchen and firepits, indoor/outdoor fitness center, wellness studio, clubhouse, indoor lockable bike storage, and a business center with private workstations. In addition, the property will include seven electric vehicle charging stations, which along with other common area electric loads, will be energized by solar power generated onsite. The site will also include a public park and trails.
For comments, questions or concerns, please contact Lisa Brown
- ◦Financing
- ◦Development
