Parkview Financial announced it has provided a $7 million loan to San Francisco-based India & Beech, LLC for the acquisition of a land parcel and first phase of construction funding for a high-rise residential/retail tower in the Little Italy neighborhood of downtown San Diego.
Located at 1460 India Street, the 10,019-square-foot site is currently being used as parking lot. India & Beech, LLC recently acquired the site for $7.1 million, and used Parkview’s loan in conjunction with the borrower’s cash to acquire the property. The buyer has plans for the development of a fully entitled mixed-use 28-story urban infill project. The proposed project is planned to include 150 apartment units over 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spaces. The project is set to begin construction in 2020 with completion anticipated for 2022.
“Parkview is pleased to help with the funding for both the acquisition as well as the initial construction phase,” said Paul Rahimian, CEO of Parkview Financial. “This project will be a great addition to this dense pocket in San Diego.”
He added, “Downtown San Diego is a vibrant area and Little Italy is particularly popular with those seeking an amenity-rich, coastal-adjacent place to live. We see 1460 India as a project that will help meet the local demand for housing as well as retail in this dense infill location.”
Little Italy is a trendy, highly walkable neighborhood in downtown that offers a diverse set of amenities to residents and visitors alike. Some of these include cocktail bars, brewpubs and restaurants with outdoor seating, retail shops, the weekly Little Italy Mercato Farmers’ Market and Waterfront Park with access to the bay.