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Pembrook Capital Management LLC is providing a $11.7 million mezzanine loan to finance the development of Bonita Glen, a 170-unit, 5.3-acre middle market and affordable housing multifamily community, at 245 Bonita Glen Drive, in Chula Vista. The borrower in this transaction is GenProp LLC, a full-service real estate development firm and a subsidiary of Silvergate Development. Pembrook’s mezzanine loan accompanies an additional first mortgage loan GenProp has also secured from Bank of the Ozarks, according to a press release Tuesday.
Upon completion in January 2022, the Bonita Glen community will be comprised of seven buildings, including six three-story walk-up buildings with 104 units and one four-story elevator-served building with 66 units.
The unit mix will include studio, one-bedroom, and two-bedroom apartments and will be designed with a focus on high-end functional unit interiors featuring modern open floor plans, high ceilings, and “luxury” finishes.
The planned amenities at Bonita Glen include a pool and spa area with an outdoor kitchen and fire pits, a fully-equipped indoor/outdoor fitness center, relaxation/wellness studio, clubhouse, indoor lockable bike storage, and a business center with private workstations.
Bonita Glen will also be home to seven electric vehicle charging stations, which along with other common area electric loads, will be energized by solar power generated on-site. The site will also include a privately maintained park and trails that will be open to the public.