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Building

Transaction Details

San Diego, CA property
San Diego, CA property

Condo Construction

$21,811,076

San Diego, CA

Condo Construction

  • Rate: 10.74%
  • Loan-To-Value: 67%
  • Project Type: Condo Construction
  • Term: 24 Months
  • Guaranty: Non-Recourse

Transaction Overview

Max Benjamin Partners, Inc. (“MBP”) has secured $42.6 million in construction financing for the ground-up development of an eight-story, 89-unit condominium project in San Diego, California. The financing will be used to refinance the existing acquisition and development loan and fully fund the vertical construction of the property. Situated in one of San Diego’s most dynamic urban corridors, the project will deliver modern for-sale condominium units designed to meet the city’s strong demand for new homeownership opportunities.

The high-leverage facility was achieved using land lift as equity, capitalizing on the value created during the entitlement and approval process. MBP structured the non-recourse loan at 67 percent loan-to-value with a 10.74 percent interest rate and a 24-month term, providing the sponsor with a capital-efficient solution that required no additional funds at closing. The financing fully capitalizes the remaining project costs, allowing the sponsor to focus entirely on execution and delivery.

This transaction highlights MBP’s ability to structure creative, high-leverage financing solutions for complex urban developments. By leveraging deep lender relationships and disciplined underwriting, MBP delivered an outcome that maximized proceeds, preserved sponsor liquidity, and positioned the project for successful completion and sellout within San Diego’s evolving residential market.

MBP specializes in debt and equity placement for all asset classes. Our extensive network of unique capital sources in development and permanent financing and extensive capital markets knowledge allows us to tackle a wide variety of transactions, regardless of complexity or size, to benefit our clients.

MBP has a team of dedicated and experienced finance professionals with you at every step. We are consistently improving and expanding our capital market relationships and are committed to exceeding our client's expectations through these relationships, innovative solutions, and outstanding work ethic.

Intermediaries Team

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