Zephyr Secures Financing to Build SD's Most Expensive Condo Units Ever

With a kitty of pre-sales at pro forma pricing, Zephyr Partners got a cool $40M in financing to start construction on its Bankers Hill condo project. But that financing wasn't without its struggles since Zephyr is seeking one of the highest per SF selling prices in San Diego history, says George Smith Partners' Malcolm Davies, who secured the money with an unidentified group. “The biggest obstacle in securing the additional equity financing for this project was the projected per-square-foot sale price of the completed units,” Malcolm says. “No other project in San Diego has ever been priced above $1k/SF, and The Park’s projected pricing is just above this benchmark.”

Zephyr, with its partner LLJ Ventures, began site development in 2013 in the affluent Bankers Hill community on The Park, a 13-story, 60-unit project. Officials say Zephyr already has a dozen "initial deposits" on units (ranging from less than 1,600 to more than 4k SF) that start at $1.5M. The site is at 2850 6th Ave, where Zephyr razed a 65k SF medical office building to make way for the project.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Diego Newsletters
Related Stories

Pace Of NYC Housing Construction Plunges As Developers Play Small Ball

Alliance Building Houston-Area Complex Amid Declining Multifamily Construction

PMC Proposes 31-Story Apartment Building In Center City West

Jemals Sell Georgetown Building To Developer Planning Conversion

Developers Line Up To Convert Boston Offices To Housing, But Most Still Stuck At Starting Gate

To Rein In Costs, Philly Affordable Housing Players Look To Become 'Less Reliant On Consultants'

Rent Concessions Dip As Fewer Apartments Come Online

AvalonBay, Equity Residential Selling Boston Towers As Part Of Merger Settlement

IRES Looks To More Forward Funding As Resi Market Gathers Pace

Knightvest Capital Acquires 3 Multifamily Communities In Austin

Millennium Partners Lands $281M Loan For Winthrop Center Tower

Vivmark Details Merged Entity, Becomes Largest U.S. Apartment REIT By Far