San Diego residential project secures $20.7 million construction loan

ACRES has originated a $20.7 million loan to fund the construction and stabilization of the North Park Community Center, a multifamily project featuring multifamily units, ground-floor retail and parking in San Diego.

The loan is provided to sponsor Champion Development Partners, a San Diego-based commercial real estate investment firm that has entitled, developed, purchased, refinanced and sold a portfolio worth more than $200 million.

The North Park Community Center will feature: 94 apartment units; 3,031 sq. ft. of ground-floor retail; 13 parking spaces; and high-end exterior, interior and amenity finishes.