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North Park Community Center

San Diego, CA

Multifamily - Construction

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North Park Community Center

MULTIFAMILY - CONSTRUCTION

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:

  • 94 apartment units
  • 3,031 square feet of ground-floor retail
  • 13 parking spaces
  • High-end exterior, interior and amenity finishes

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.

 

$20.7 Million

Loan Amount

Construction Loan

Loan Product

“The ACRES team recognizes our local expertise and deep familiarity with San Diego, and the continued success of our investment strategy. They were able to provide us with a flexible financing solution that will allow us to realize our vision for the North Park Community Center, which will offer renters both luxury and convenience in the heart of North Park.”

- George Champion III, Owner of Champion

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