June 19, 2019 – HFF announces it has arranged financing for the development of Carroll Canyon, a luxury residential and retail mixed-use development in San Diego’s affluent Scripps Ranch community.
HFF worked on behalf of Sudberry Properties to arrange a construction loan through a commercial bank. Additionally, HFF secured mezzanine financing from a correspondent life company lender.
Carroll Canyon will consist of 260 apartment units and approximately 10,700 square feet of retail space that will be leased to a mix of national and regional retailers. The property sits at the northeast corner of the intersection of Interstate 15 and Carroll Canyon Road in the heart of Scripps Ranch, a centralized suburban location less than 30 minutes from beaches, North County San Diego and the San Diego International Airport. The residential component will feature high-end units averaging 908 square feet and common area amenities, including a community lounge, fitness center, spa, in-unit laundry rooms along with a mix of garage, carport and open stalls for parking. The project is due for completion in second quarter 2021.
The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and director Olga Walsh.