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Jonathan Lee Lee: “We know of four lenders that have been very active in construction lending over the last two years that have either suspended lending or are waiting for current construction loans to burn off their books before moving forward on new loans.”

SAN DIEGO—It’s easier to get construction financing today than it was in 2011, but lenders are beginning to tighten up, George Smith Partners principal Jonathan Lee tells GlobeSt.com. The firm recently secured $16.25 million in non-recourse construction financing on behalf of an undisclosed institutional fund manager for the ground-up development of the Silver Springs Townhomes, an 18-unit luxury townhome project in the La Jolla Village submarket—a rare occurrence here. We spoke exclusively with Lee about trends with this type of financing, how difficult it is to get and what borrowers can do to ensure their loans go through.

GlobeSt.com: What trends are you noticing in construction financing for ground-up development?

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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