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MHN TV: Interview with Daniel Hilpert

Daniel Hilpert, managing director at Mortgage Equicap LLC, speaks on lending lessons learned during the course of the economic downturn. He also ...

Veritas Urban Properties Lands $7.5M for San Diego Development

San Diego—HFF has arranged $7.5 million in construction-permanent financing for the development of Hillcrest Apartments, a 36-unit, five-story apartment building being developed by Veritas Urban Properties in San Diego’s Hillcrest neighborhood. The 71 percent loan-to-cost, 12-year, fixed-rate loan was provided by a correspondent life company lender. HFF senior managing director Aldon Cole and associate director Bryan Clark placed the debt.

When the property stabilizes the construction loan converts to a permanent loan locked in at 4.29 percent, with an interest only period of up to 27 months. There is also an earn-out feature that allows Veritas to draw additional loan dollars at stabilization.

The asset will be located on a 15,200-square-foot parcel at 4021 Eighth Ave., just northwest of Balboa Park. Completion is set for 2016. Veritas Urban Properties has developed more than 1,000 units and 60,000 square feet of commercial space in the San Diego area. Murfey Construction Inc. will be handling construction.

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