Nearly $5M in Financing Earmarked for Green Project

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LA JOLLA, CA-Clear Skies Condominiums LLC has broken ground on the $4.8-million residential condo project, known as Bankers Hill Green. The environmentally conscious development will count 10 units and individual units will range from 900 sf to 1,500 sf.The new project joins a crowded marketplace, but the developer–a conglomeration of builders and developers focused on “green principals”–is banking on a “unique” angle–San Diego’s first “green condominium homes.”According to Craig Brode of Clear Skies, the development is based on a “harvest and exchange” project model, in which the units will be solar powered and the project will also utilize environmentally friendly features such as wind currents, biodegradable materials and non-toxic building materials.The project, located near Balboa Park at 2234 Brant St., recently received construction financing from locally based Scripps Investments & Loans. The financing was secured as a 12-month loan and secured by a first trust deed on the project.”The environmentally friendly design and proximity to Downtown San Diego should insure a very fast sell off of the units,” says Scripps’ president Jeffrey E. Lubin. Since 1999, Scripps has originated over $800 million in real estate loans. It derives its financing through a network of over 600 private and institutional investors.