Slatt Capital placed the $14,050,000 construction loan, which represents 75% of the total project costs for a 54-unit Build to Rent Community located in the southern part of San Diego near Imperial Beach. Slatt Capital was able to find a lender that structured a non-recourse loan at very attractive rate and flexible structure.
The Project is made up of 18 individual lots, which will have 3 units each per lot – 18 Single Family Residences, each with a small attached ADU, as well as 18 large detached ADU’s. Each unit is to have private yard space and a private entrance. The newly released ADU ordinance allowed for the increased density in the residentially zoned area, which reduced the per unit land basis to a very attractive amount.
The 18 Single Family Residences will be two stories containing four bedrooms and two and a half bathrooms. There will be 18 Bonus ADUs attached to the Main House. The Bonus ADUs will be a single story one bedroom and one bath with approximately 444 net rentable square feet. The 18 detached ADUs will be two stories containing three bedrooms and three bathrooms.
Many BTR projects face parking problems as developers tend to build them too close together, which creates issues with available street parking. The Sponsor for this project wanted to make sure that they have ample parking and designed the community thoughtfully. This resulted in 44 parallel parking spaces on internal private streets, 54 garage parking spaces, and 36 driveway spaces, resulting in a parking ratio of 2.5 on-site spaces per unit.
The construction of the project will take approximately 18 months.