Located on L Street in San Diego, the property contains a total of 780 units. It is a "core asset" for the borrower, according to Lee Speigelman of Split Rock Capital. Speigelman, who is based in the firm's New York office, arranged the loan on behalf of the borrower, a locally based development firm.
Spiegelman tells GlobeSt.com that the transaction was a "straightforward deal," involving a 10-year, fixed-rate loan. The financing was funded through commercial real estate lender Bond Street Capital.
With its production center in New York and administrative headquarters in Los Angeles, Bond Street Capital originates loans on a national basis. The firm currently has 34 branch offices covering major markets in the United States and Canada. It meets a wide range of financing needs, including conduit, small balance, portfolio, construction, credit tenant lease, bridge, mezzanine and Fannie Mae products.
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