Transaction Details
Condo Construction
$44,600,000
San Diego, CA
Condo Construction
- Rate: 9.35% Blended
- LTV: 67%
- LTC: 95%
- Term: 24 Months
- Guaranty: Non-Recourse
Transaction Overview
Max Benjamin Partners, Inc. (“MBP”) successfully arranged $44.6 million in construction financing for the ground-up development of an eight-story, 89-unit residential condominium building in San Diego, California. The financing package refinanced the existing acquisition and development loan and provided full funding for the vertical construction of the project, marking a major milestone in the sponsor’s execution timeline. The property will deliver modern, for-sale condominium units designed to meet strong buyer demand in one of Southern California’s fastest-growing urban markets.
The high-leverage, non-recourse facility was structured at a 67 percent loan-to-value and 95 percent loan-to-cost, with a blended interest rate of 9.35 percent and a 24-month term. MBP achieved this structure by utilizing land lift as equity, monetizing the significant value created through the entitlement and approval process to minimize additional sponsor equity at closing. This transaction underscores MBP’s ability to deliver creative, capital-efficient financing solutions that maximize leverage while maintaining disciplined underwriting standards. MBP is proud to support the sponsor’s vision and looks forward to seeing this transformative San Diego project brought to completion.
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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