Financing from Fident Capital helped infill project get off the ground
East County News Service
February 10, 2016 (Lemon Grove) -- Celsius, an 84-unit multi-family rental project by CityMark Development, broke ground in December in Lemon Grove, with phase I slated for completion mid-year.
Located near State Route 94 and the Broadway trolley stop, the residential development will include one- and two-bedroom units targeting younger professionals and small families. CityMark secured the dilapidated industrial property and raw land through off-market and openly marketed transactions.
Rental rates are projected to range from $1,562-$1,636 for 1 bedroom units to $1,834 to $1,948 for 2 bedroom units. There will also be a single 3-bedroom model available at $2,256 a month.
Fident Capital, a local boutique real estate investment bank, secured $18 million of debt, construction and equity financing for the Celsius project as well as $10 million for Monterey Place, a 23-unit detached homes development by Douglas Wilson Companies in Chula Vista.
“The San Diego housing market is fundamentally undersupplied and greenfield development, for the most part, is a thing of the past,” said Fident Capital President Kevin Choquette. “Places like Chula Vista and Lemon Grove have economic realities which allow outdated uses to redevelop into vibrant new housing stock. This phenomenon will continue to be a critical component of much needed new construction for our community.”
Both Chula Vista and Lemon Grove are infill sites in established neighborhoods within 10 to 15 minutes from Downtown San Diego.
“As our region continues to grow, this revitalizing force will become more and more commonplace,” said Choquette. “These developers’ work will enhance neighborhoods, provide quality jobs, and incrementally reduce the housing shortage in San Diego.”