Buchanan Mortgage Holdings, LLC (BMH), an affiliate of Buchanan Street Partners, L.P., provided a $46.5 million construction loan for Stella Apartments, a 149-unit multifamily development in San Diego, California.
The sponsor, Murfey Company, was represented by JLL Capital Markets to secure the three-year, floating-rate construction loan.
“We are excited to be involved in Stella Apartments as the construction lender. This was a unique opportunity to finance the development of a well-located, class-A multifamily project in a core San Diego submarket and establish a new lending relationship with a highly regarded San-Diego based sponsor. We were able to provide an attractive single-source financing solution for the sponsor by offering higher leverage than what was available from traditional banks while also eliminating the need for third-party mezzanine debt or preferred equity.”
Stella Apartments, located in San Diego’s North Park neighborhood, offers easy access to nearby amenities, job centers, and shopping. North Park has seen significant growth and revitalization in recent years, attracting young professionals and families with its appeal to those seeking urban living as well as connections to major employers and entertainment.
The modern, nine-story multifamily project features contemporary finishes and a variety of amenities, including a rooftop terrace, community gym, and outdoor space for social gatherings.
“This financing is a perfect representation of BMH’s multifamily lending strategy. We focus on identifying experienced, well-capitalized sponsors that have a long-term track record of successful execution, whether that is ground-up development or value-add repositionings.”
ABOUT BUCHANAN MORTGAGE HOLDINGS, LLC
Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners LP, provides non-recourse bridge and construction loans secured by commercial and multifamily properties in the Western U.S., utilizing its own balance sheet and fully discretionary lending capabilities to provide certainty of execution within short timeframes, flexible loan structures and creative financing solutions. The company’s extensive experience as an owner and operator of commercial real estate allows Buchanan to quickly understand the needs of its borrowers while providing direct access to decision makers.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on investments in commercial and multifamily properties as well as providing loans as a direct lender. Having invested in over $8 billion worth of real estate assets in its 25-year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com