Wilshire Quinn Issues $16,500,000 Loan on Newly Constructed Multi-Family Property in San Diego, California

Wilshire Quinn Issues $16,500,000 Loan on Newly Constructed Multi-Family Property in San Diego, California

PR Newswire

SAN DIEGO, Feb. 14, 2024

SAN DIEGO, Feb. 14, 2024 /PRNewswire/ -- 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, California.

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 is comprised of 26,501 square-feet, on a .23-acre lot, including street level retail and 21 sub-terranean 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.

Said Medina, "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."

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.

Added Wilshire Quinn Capital CEO Christopher Garcia, "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. 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 fundings in five to seven business days.


ABOUT WILSHIRE QUINN


Wilshire Quinn (www.wilshirequinn.com) provides senior debt financing ranging from $500,000 to $20,000,000 on a variety of property types, including but not limited to: non-owner-occupied residential properties, multi-family properties, condos, hotels, assisted-living facilities, parking lots/structures, office buildings, industrial buildings, and retail centers. Wilshire Quinn works directly with real estate owners and mortgage professionals nationwide.

Wilshire Quinn Income Fund, LLC NMLS # 2282570. Loans are made or arranged by Wilshire Quinn Income Fund, LLC in California pursuant to California Finance Lenders Law license #603J060. Please visit www.nmlsconsumeraccess.org for more licensing information. Mortgage loan products are offered to qualified borrowers for business or commercial purposes only. Financing is subject to certain restrictions and requirements. Rates and terms depend on a variety of factors that may change without notice. The information above is deemed reliable but is not guaranteed. Nothing contained in the information above is an offer or solicitation for the purchase or sale of any security. Any such offer to purchase securities will be made only through the private placement memorandum, operating agreement, and subscription agreement ("Offering Documents") of the Wilshire Quinn Income Fund, LLC.

Media Contact: Natalie Snyder, 619-872-6000, nsnyder@wilshirequinn.com

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SOURCE Wilshire Quinn Capital, Inc.