Point Loma, CA

72% LTC Bridge Loan
Point Loma, CA

Buchanan Mortgage Holdings, LLC provided a $17.5 million, non-recourse bridge loan secured by a recently completed apartment project located in the City of Point Loma, an affluent and supply-constrained coastal submarket of San Diego, California. Built in 2020, the 3-story property consists of 24 two-bedroom apartment units that are 100% occupied and 9,000 SF of vacant ground floor retail that will be converted into an additional 12 loft-style apartment units. The loan proceeds were used to refinance existing debt and fund capital expenditures for the ground floor retail-to-apartment conversion. This is the first loan that BMH has closed with the sponsor.