Buchanan Mortgage Holdings, LLC provided a $40 million, non-recourse construction loan for the development of an 8-story, Class A residential property totaling 135 units in Downtown San Diego, California. The project will feature two levels of subterranean parking, a rooftop deck, private balconies and a gym for residents and guests. The property will be master-leased to a short-term rental operator with over 12,000 residential units under operation worldwide. The development represents the Sponsor’s first loan with Buchanan Mortgage Holdings, LLC.
