Due to unforeseen delays in the securing permits, a repeat client approached LFB for the recapitalization of a 9-townhome construction project 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.

The 8 market rate units will range in price from $1,100,000 and $3,200,000, with the 9^th 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.

Appreciation in values combined with an exception regarding LTC allowed the sponsor to retire the existing facility and finance the balance of the project without the need for additional equity.