August 27, 2019 – JLL announced today it has arranged $14.25 million in financing for the development of Arbor Terrace, a five-story, 50-unit multi-housing project located in San Diego’s Hillcrest submarket.
JLL worked on behalf of the developer, 325 Arbor Terrace LLC, a partnership owned by the Tibbitts family of San Diego, to arrange the two-year, floating-rate construction loan through Pacific Western Bank.
Arbor Terrace will be developed on a 0.3-acre site at 4186 4th Avenue a few blocks from the 390-bed UC San Diego Medical Center, Hillcrest and the 700-bed Scripps Mercy Hospital San Diego. Future residents will also have access to the neighborhood’s eclectic entertainment, dining and retail amenities as well as Balboa Park. The property’s 50 units will include a mix of studio and one-bedroom units averaging 560 square feet situated above a two-story parking garage. Completion is expected in first quarter 2021.
The JLL Capital Markets team representing the developer was led by Senior Managing Director Aldon Cole.