LFB Ventures was approached by a client looking for financing to acquire and construct 9-luxury townhomes in Carlsbad, CA. As one of San Diego County’s most desirable communities, Carlsbad offers a walkable downtown with access to State maintained beaches, inland waterways and a number of family-friendly attractions. From the subject property, home buyers can take a short walk to State Street which offers a trendy mixture of boutique retail stores, coffee shops and even a new Michelin star restaurant.
Having recently received tentative tract map and site development plan approval, LFB’s client required funds to not only acquire the site by year-end, but to complete the condo map approval in order to secure grading and building permits. The 8 market rate units will range in price from $1,100,000 and $3,200,000, with the 9th unit being priced lower to qualify under the HUD lower-income requirement which was a condition to the entitlement approvals. All units offer private, outdoor spaces allowing owners to benefit from the desirable weather and views.
The acquisition and construction financing stretched to 88% LTC and was completed within a 30-day timeframe to meet the 2021 year-end closing requirement.
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