UBS Asset Management backs another California development

UBS Asset Management has provided $42.54 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 $42.54 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 loan, made through a UBS Asset Management investor account, on behalf of developer McMillin Companies after having worked with the debt and equity provider last month on another California deal. HFF’s debt placement team representing the borrower was led by senior managing director Tim Wright and director Zack Holderman.

Last month HFF arranged more than $50 million in equity and debt capital for the development of Pacific Pearl Shopping Center, a planned 112,000 sq ft retail center in the San Francisco Bay Area community of Pleasanton, California. A fund advised by UBS Asset Management teamed up as joint venture equity partner with BHV Centerstreet Properties on that deal, while Wells Fargo provided the construction loan.

Eighteen Ten State Street will rise at 1810 State Street in downtown San Diego, on one of the few 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.

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