By PRNewswire
San Diego, CA–Wilshire Quinn Capital announced Wednesday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $16,500,000 refinance loan in San Diego.
The subject property for the loan is a newly constructed, 36-unit multi-family building in the Bankers Hill neighborhood of San Diego, two blocks from Balboa Park and minutes away from downtown. The property comprises 26,501 square feet, on a .23-acre lot, including street-level retail and 21 subterranean parking spaces.
Rudy Medina, who serves as Managing Director of Next Space Development, has specialized in coastal infill residential and mix-use development projects throughout San Diego County for the last 29 years.
‘After utilizing a construction loan to bring our newest project to life, Wilshire Quinn was able to quickly provide the exact short-term lending product we needed to get our building leased up and stabilized before we receive permanent financing,” Medina said.
The luxury residences feature designer interiors with modern appliances, quartz countertops, and private balconies in select units. All residents have full access to the rooftop lounge offering an outdoor kitchen, grill, and fire pit with panoramic bay, park, and city views.
“The property is a block from our headquarters in San Diego. We have seen the property transform from an empty lot during COVID to the incredible building it is today,” said Christopher Garcia, CEO of Wilshire Quinn Capital. “Wilshire Quinn remains committed to providing swift and reliable funding solutions for our current and future clients during any type of business cycle.”
Wilshire Quinn, a direct portfolio lender and debt fund manager, specializes in short-term bridge loans. This type of asset-based financing allows borrowers to receive funds secured by real estate. Wilshire Quinn’s streamlined lending process typically results in funding in five to seven business days.
