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ENCINITAS, CA-A joint venture of locally based John DeWald & Associates and Phase 3 Properties has secured $46.5 million in financing for the development of a retail, residential and office project called Pacific Station, according to the San Diego office of Holliday Fenoglio Fowler. The financing includes $36.5 million in debt and $10 million in equity for the development, which will be anchored by a Whole Foods market.

HFF senior managing director Tim Wright and associate directors Rob Hinckley and Zach Koucos placed the $36.5 million, 60-month construction permanent loan with La Jolla Bank. HFF also secured $10 million in joint venture equity with Fidelity Real Estate Group. The development site is a 1.39-acre parcel between E and F streets along Coast Highway 101, three blocks from the Pacific Ocean and one block from the Metropolitan Transit Station’s Encinitas “Coaster” Station.

Upon completion in fourth quarter of 2009, Pacific Station will include 38,500 sf of retail including Whole Foods and a signature restaurant, 10,000 sf of office space, 47 residential units and a two-level underground parking garage. All components of the project will be condo-mapped and can be sold off by the suite, the HFF team notes.

The residential units will range from 702 sf to more than 2,000 sf in layouts of one to three bedrooms. Whole Foods will anchor the retail space with approximately 25,000 sf.

John DeWald & Associates is a San Diego-based company that provides real estate consulting, development and construction services. San Diego-based Phase 3 Properties specializes in commercial real estate development, brokerage and management. Fidelity Real Estate Group, a division of Pyramis Global Advisors, pursues value-added real estate investment opportunities throughout the US on a fully discretionary basis for its managed funds.

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