SAN DIEGO—Holliday Fenoglio Fowler (HFF), has arranged $42.54 million in development financing for Eighteen Ten State St., a 99-unit, class A, multifamily development in the Little Italy neighborhood of San Diego.
Working on behalf of the developer, McMillin Companies, HFF arranged the participating first mortgage through a UBS Asset Management investor account for development financing.
Eighteen Ten State St. will be constructed on one of the last remaining developable sites in Little Italy.
With a Walk Score of 98, the residential building will be steps away from restaurants, shopping, entertainment and the trolley, train station and COASTER, providing access to the rest of downtown, San Diego and Southern California.

Designed by AVRP Studios, the eight-story building will have four levels of subterranean parking totaling 115 parking spaces. The building will feature a community center, community decks, and a mix of studio, one- and two-bedroom units averaging 724 square feet each.
HFF's debt placement team representing the borrower was led by senior managing director Tim Wright and director Zack Holderman. According to HFF, the success of the financing speaks to the quality location and capital's willingness to provide construction financing to qualified sponsors in strong markets.
Founded in 1960, McMillin has more than 50 years of successful real estate investment, land development, and home building projects. McMilllin continues to evolve to create real estate developments in urban, pedestrian-friendly and coastal constrained markets.
With over 36 years of real estate investment advisory experience, the US real estate business of
UBS Asset Management has approximately $28.8 billion under management on
behalf of over 500 clients. A multi-disciplined real estate organization with staff of approximately 199, it is headquartered in Hartford, CT with regional offices in San Francisco and Dallas.

Instant Insights /

HFF Finances Multifamily Project in Little Italy

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