ACRES, together with its subsidiaries, originated a $20.7 million loan to fund the construction and stabilization of the North Park Community Center, a multifamily project featuring multifamily units, ground-floor retail and parking in San Diego, California. The loan is provided to sponsor Champion Development Partners, Inc., a San Diego-based commercial real estate investment firm that has entitled, developed, purchased, refinanced and sold a portfolio worth more than $200 million.
The North Park Community Center will feature:
A desirable and centralized location within San Diego, the North Park neighborhood hosts an expanding footprint of attractions including restaurants, coffee shops, breweries and boutique stores. The Center’s dynamic, urban location and proximity to schools, retail, beaches, and entertainment venues make it an ideal option for a wide range of tenants. The Property provides easy access to Interstates 805, 163 and 8, directly connecting it to the greater San Diego market.