UBS Asset Management backs San Diego development

UBS Asset Management has provided $43 million in development financing for Eighteen Ten State Street, a 99-unit multi-housing development in the Little Italy neighborhood of San Diego, California.

UBS Asset Management has provided $43 million in development financing for Eighteen Ten State Street, a 99-unit multi-housing development in the Little Italy neighborhood of San Diego, California.

HFF arranged the first mortgage, made through a UBS investor account, on behalf of developer McMillin Companies. The debt placement team at HFF was led by senior managing director Tim Wright and director Zack Holderman.

The property will rise at 1810 State Street in downtown San Diego — on one of the last remaining development sites in Little Italy. Designed by AVRP Studios, the eight-story building will have four levels of subterranean parking totaling 115 parking spaces. The building will feature a community center, community decks, and a mix of studio, one- and two-bedroom units averaging 724 sq ft.

Last month HFF was involved in another deal with the UBS Asset Management when it arranged more than $50 million in equity and debt capital for the development of another California property: the 112,000 sq ft Pacific Pearl Shopping Center in the San Francisco Bay Area community of Pleasanton, California. A fund advised by UBS Asset Management teamed up with BHV Centerstreet Properties to provide the joint venture equity, while Wells Fargo originated the construction loan on the deal.

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