The borrower, Evening Star Development Co., has landed a $6.7-million loan for its project, known as Harbor View Village. Slated to rise on a 15-acre, private bluff overlooking the ocean, the development is being financed through a six-month loan secured by a first trust deed and additional collateral. The loan will provide Evening Star with an early round of debt financing without forcing the developer to give away half the profits for the life of the project, according to Jeffrey Lubin, president of Scripps Investments & Loans Inc. Scripps has arranged the financing on behalf of Evening Star Development Co. through a network of more than 200 accredited investors.
"We only fund projects that are viable in all aspects," says Jeffrey Lubin, president of Scripps. "Not only does Harbor Village have all the permits and engineering issues covered from the technical aspect, but it's an ideal location," he adds, noting that "the high demand for condo developments near the ocean and the booming North County market made this a sound investment opportunity."
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