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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).