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Bolour Affiliate Provides Acquisition Loan on Former Union Bank Building
Bolour Associates Inc.’s affiliate, BAI Fund Manager, recently provided a $16.5-million loan for the acquisition of 530 B St. in San Diego’s Civic Center submarket. As part of Ambient Communities’ purchase of the former Union Bank building, the loan called upon Bolour’s ability to quickly underwrite assets and assess multiple business plans while providing certainty to sponsors.
Currently operating as a 250,181-square-foot office building in downtown San Diego, 530 B St. offers flexibility, supporting the new ownership’s plans to convert the property into 140 condominium units by-right. Approvals are expected within the 18-month loan term.
“We are excited to support this strong sponsorship group and their vision for this trophy downtown San Diego asset,” said Bolour CEO Mark Bolour. “The acquisition adjusted cost basis allowed us to provide certainty to the sponsor and quickly approve this project as an adaptive reuse project.”
- ◦Financing
