Hines, in partnership with Affinius Capital, Bank OZK, Related Fund Management and Heitman, has begun construction on phase one of Riverwalk San Diego, a transit-oriented, 200-acre mixed-use village located in the Mission Valley submarket. Phase one will deliver 721 market-rate apartments, representing 17% of the total project, which will also include retail, office space and parks.
“At Hines, we believe this is the moment to act boldly, to invest in projects that reflect long-term fundamentals and deliver lasting value,” said Ray Lawler, head of Americas at Hines. “Riverwalk is a powerful example of that conviction, which plays out in the living sector. We believe in creating community-first, transformative environments that meet today’s needs and shape tomorrow’s cities.”
The launch of construction follows the securing of $380 million in financing, comprising a $278-million senior loan from Bank OZK and a $102-million mezzanine loan provided by Related Fund Management, originated through its Related Real Estate Debt Fund IV.
The post Hines Launches Construction on 200-Acre MXU in Mission Valley appeared first on Connect CRE.