Globest.com UPDATE: $210M Vantage Pointe Project Secures Financing

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SAN DIEGO–Downtown’s renaissance continues. Petco Park has literally put people in seats and brought much foot traffic to the area’s boutiques and eateries. There’s also been a resurgence in Downtown housing. Perhaps no single project looms larger than Vantage Pointe, the 41-story project has landed financing, a $210-million, three-year construction loan at 85% of cost over Libor.LJ Melody & Co., the real estate investment banking division of CB Richard Ellis, arranged financing for the project, which is set for a completion date of late 2007. At build-out, Vantage Pointe will count more than 1.1 million sf and include 673 condo units. Also on tap for the project is 32,000 sf of ground-level retail space. Craig M. Mueller, director, of LJ Melody’s Newport Beach office secured the funding for this transaction. CDPQ Mortgage Corp. provided the financing on behalf of the borrower.Vantage Pointe is the jewel of Calgary-based Point of View Developments. The Canadian developer has numerous projects underway in Canada and the US, including Pacific Pointe, the 36-floor twin tower project located at Broadway and 11th Avenue in San Diego. That project will offer 450 suites, with the main floor available for commercial/retail.