Thank you for sharing!

Your article was successfully shared with the contacts you provided.
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?

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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.

More from this author



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.