$33-Mil Loan Secured to Expand Upscale Senior Complex

SAN DIEGO-Sonnenblick-Eichner Co., a Los Angeles-based real estate investment banking firm, has secured a $33-million interim loan for the expansion of an upscale apartment project for seniors in UniversityCity.

Sonnenblick-Eichner Co. procured the loan for the upscale University City Village Apartments near La Jolla. The 75-acre property includes amenities such as a nine-hole, par-three golf course.

The project has recently received approval to increase its density from 542 units to 1,109 units, plus an 80-unit assisted-living facility.Sonnenblick-Eichner Co. has been retained as the exclusive agent for University City Village Apartments to secure construction financing for the $86-million redevelopment.<p.”This interim financing was competitively bid due to the property's fine location, and it being a multifamily project in one of the country's strongest multifamily markets,” says David Sonnenblick, principal of Sonnenblick-Eichner Co. “Our client was able to realize equity from the project to be used for working capital until construction financing can be procured for the redevelopment.