San Diego-based private lender poised to complete more than $350 million bridge and construction deals in 2017
ENCINITAS, Calif. – November 20, 2017 – ABP Capital, a diversified private financing and investment firm, closed approximately $58 million in construction loans in October. The transactions include three mixed-use projects in California and North Carolina, representing the momentum the firm has built in the multifamily, retail and office markets in those regions.
“The loan volume we achieved last month represents our commitment to further establishing ABP Capital as a leader in the construction lending space,” said ABP Capital Founder and Managing Member Michael Persall. “We have an experienced team that knows how to quickly assess lending opportunities, properly analyze and mitigate risk factors, and provide borrowers with a reliable source of construction financing.”
The company is poised to complete more than $350 million bridge and construction deals in 2017, and recently closed the following transactions:
Napa, California – A $26.5 million revolving construction loan was provided for Register Square, a nod to the former site of the Napa Register in the city’s historic downtown area. The 78,000-square-foot development will include 51 residential condominiums/townhomes and two commercial retail spaces. Register Square is a short walk to Napa’s Waterfront, which includes an array of downtown restaurants and attractions.
Charlotte, North Carolina – ABP Capital closed a $22.8 million construction loan for The Refinery, a 107,000-square-foot mixed use property with four stories of office space above ground-floor retail, plus self-storage. The project is located in the vibrant FreeMoreWest area, a gentrified up-and-coming neighborhood in Midtown Charlotte that is highly popular with young adults. The building offers unobstructed views of Uptown Charlotte and features high visibility from the I-77 Freeway. The location is also proximate to an extensive network of commuter trails for cyclists.
San Diego, California – A $9.2 million construction loan was provided for Contour Lofts. The 35,320-square-foot mixed-use residential and retail/office project is located in Little Italy, on the northern portion of Downtown San Diego. The building features a roof-top balcony and a wrap-around view deck on the second floor. The project is located amidst a collection of redeveloped urban streetscapes, with access to restaurants, festivals and farmers markets.
ABP Capital has also recently partnered with Discovery Land Company to complete the development of a 742-acre master planned community in Arrington, Tenn., south of Nashville.
“When we first saw the Arrington property, it felt like we had discovered a place that could embrace all that makes Nashville so special,” said Mike Meldman, chairman and CEO of Discovery Land Company. “The property blends Discovery’s commitment to family-oriented activities, outdoor recreation and world-class amenities.”
Anchored by a championship golf course to be redesigned by Tom Fazio, the development includes approximately 300 custom home sites, plus recreational amenities such as a pool, fitness center, tennis courts, hiking and biking trails.
“We continue to grow our presence in the construction lending market by tackling projects that are fundamentally sound yet represent challenges that more conventional lenders shy away from,” added Persall. “By taking the approach that our role should, transcend that of debt lender to strategic partner, within the context of our lending mandate, we position our clients to get the most from their real estate opportunities.”
About ABP Capital
ABP Capital is a leading, highly diversified private financing and investment firm based in Encinitas, Calif. Founded in 2012, ABP Capital fosters a top-tier team of professionals focused on transactions ranging from $5 million to $100 million. ABP Capital is backed by owner-provided capital, allowing for the development and management of complex deals and fast closings on both bridge and construction loans. To learn more about ABP Capital visit www.abpcapital.com. Follow ABP Capital on Facebook, Twitter and LinkedIn.