Regions West | San Diego
$31M Financing Closes for 578,000SF Mixed-Use Property
July 25, 2008

Village Hillcrest, a 578,000-square-foot mixed-use complex in San Diego's Hillcrest neighborhood, has been refinanced to the tune of $31 million. Acting on behalf of property owner SunCoast Properties Inc., Holliday Fenoglio Fowler L.P. orchestrated the financing deal, securing a 10-year, 5.97 percent fixed-rate loan from John Hancock Real Estate Finance. SunCoast plans to use the proceeds to prepay and retire an existing first lien financing, and to fund future growth opportunities. Developed in 1992, Village Hillcrest sits two miles from San Diego's central business district at the intersection of 5th Ave. and Washington St. The multi-structure property consists of a medical office and hospital building, a retail/office structure, two retail/residential buildings, two buildings consisting solely of retail space, and a four-story parking facility. Hillcrest Cinemas, 24-Hour Fitness, Scripps and three restaurants are among the businesses on the tenant roster.

 
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$31M Financing Closes for 578,000SF Mixed-Use Property
July 25, 2008
Village Hillcrest, a 578,000-square-foot mixed-use complex in San Diego's Hillcrest neighborhood, has been refinanced to the tune of $31 million.