JLL arranges $15.1M financing for luxury condominium project
The construction loan will fund the development of Palatine Bankers Hill in San Diego’s Bankers Hill submarket
SAN DIEGO, October 14, 2019 – JLL announced today it has arranged $15.1 million in financing for the development of Palatine Bankers Hill, a five-story, 16-unit luxury condominium project in San Diego, California.
JLL worked on behalf of the developer, INI Greenfield, to arrange the one-year, floating-rate construction loan through a New York City-based debt fund.
Palatine Bankers Hill is located at 2750 Fourth Avenue in the heart of the Bankers Hill/Park West neighborhood just two blocks west of the historic Balboa Park. Due for completion in early 2020, the property will consist of 16 for-sale residential units, 1,121 square feet of ground-level commercial space and 38 subterranean and grade-level parking spaces. Residences will include a mix of two-, three- and four-bedroom layouts that will feature luxury finishes, including Turkish stone tile and hardwood flooring, quartzite countertops, sustainable wood cabinetry, Miele appliances, large private terraces, customizable closet systems, ThermoPad thermostats, automated Lutron lighting, keyless entry and electric car charging stations.
The JLL Capital Markets team representing the developer was led by Director Chris Collins and Analyst Brad Vansant.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About INI Greenfield
INI Greenfield is an integrated development company based in San Diego, California, with a focus in luxury infill residential. The company is led by Seamus Garland, a seasoned developer with over 30 years of combined experience in real estate and finance. Prior to Palatine Bankers Hill, INI Greenfield completed construction on an asset known as The Dakota in 2016. This eight-unit infill townhome development is located in the North Park neighborhood, a desirable suburb of San Diego.