Deal Summary: ABP provided acquisition and construction financing to a local developer to purchase an existing piece of real estate, demolish the existing property, and build 2 detached single family residences in Pacific Beach, California. The property is located less than 5 minutes the beach, and provides and upscale offering to a fast growing market.
Loan Amount: $1,320,000
Loan Type: Acquisition & Construction Financing
Loan Term: 12 Months
Property Type: 2 Single Family Residences
Property Location: 1351-1355 Thomas Avenue, San Diego, CA 92109
Lot Size: 6,300 sf.
Property Square Footage: 4,600 sf.