HFF LP, a commercial real estate capital intermediary company, has arranged $5 million in financing for The Point @ Ingraham, a newly-built mixed-use residential and retail project in Pacific Beach.
HFF worked on behalf of the borrower Veritas Urban Properties to secure the 4.17 percent, 10-year, fixed-rate loan through HFF’s life insurance company correspondent Aegon USA Realty Advisors Inc.
This transaction is taking out the existing construction loan and providing cash out to the borrower. The loan proceeds and interest rate were locked in advance of the project’s lease-up and prior to any property operating history, according to HFF.
The Point @ Ingraham, completed in January of this year, is a three-story residential building with 21 one- and two-bedroom units and 2,266 square feet of ground floor retail. The retail component is fully leased to The Promiscuous Fork.
The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and associate director Bryan Clark.