San Diego, California – Commercial Real Estate Investors are occasionally caught in a 1031 Exchange and then they may need a 1031 Construction Exchange. The 1031 Exchange for a construction exchange is when the commercial property owner has found, and wants to acquire, the replacement property before the improvements required will be fit the criteria for a 1031 Exchange. Obviously for a proper 1031 Exchange the replacement commercial property must meet or exceed the value of the relinquished property.
In 2000 in Rev, Proc. 2000-36 the IRS has set forth the procedures required to safely accomplish what may be termed construction 1031 exchanges. In a construction 1031 exchange, the exchanger cannot improve upon a property that the Commercial Property Owner already owns. Therefore either the 1031 replacement property must be held, temporarily, by a holding company known as an Exchange Accommodation Titleholder (EAT).
The 1031 Exchange site has news on a Commercial Property financing transaction. This is a Construction site yet has not been declared for a construction 1031 Exchange as of yet. This 1031 Exchange candidate comes from the gorgeous San Diego, California area. This 1031 Exchange contestant has been able to secure a construction loan and mezzanine financing. The Commercial Real Estate development receiving the construction loan and mezzanine financing is called Circa 37 Apartments.
This 1031 Exchange possibility is planned to be built as a multi family apartment development, positioned in the middle of the Creekside District of the well designed Civita master planned community. This Commercial property development, Circa 37 Apartments will be the first project situated in one of the largest commercial real estate development sites in central San Diego. The Apartment Building will offer Units ranging from 643 square feet to 1387 square feet.
This 1031 Exchange possibility will be surrounded by pedestrian friendly streets and various public parks and open spaces, This San Diego Commercial Property Development sits in the master planned community which will strive for pedestrian links between neighborhoods, and public transportation. This San Diego Commercial Property is also planned to take advantage of the numerous local open spaces, and benefit from community landmarks.
These Commercial Real Estate Developers were able to obtain $59.5 million in commercial loans for the Circa 37 project. Commercial Mortgage Lenders secured the capital on behalf of the Commercial Mortgage borrower, Sudberry Development, Incorporated. Commercial Mortgage Lenders were able to get the financing in two forms of commercial loans, $47 million, for the construction loan, and a $12.5 million mezzanine loan. The California Mezzanine loan was financed with capital from a life insurance company. Commercial Mortgage Lenders have been receiving funding from California Life Insurance company sources for Commercial Loans and Mezzanine loans.
The 1031 Exchange possibility will be planned as a 306-unit apartment complex. This California 1031 Exchange candidate is planned as the first phase of Sudberry Properties’ Civita mixed-used development located in San Diego’s growing Mission Valley. The Commercial Real Estate development, Circa 37 was aptly named for 1937, that was the year when a former rock quarry at this California site was first mined. 1031 Exchange Property analysts believe that Sudberry Development is the perfect commercial property developer for this project, because of their commitment to San Diego and their prior success with commercial property developments.
The Commercial Property is situated just west of Interstate 805 at 5723 Mission Center Road. This California 1031 Exchange possibility will have access to the San Diego Trolley with a planned pedestrian bridge. This Commercial Property construction site is close to Qualcomm Stadium, Interstates 15 and 8, Highway 163, and various NNN Commercial Real Estate investments. The Tenants at Circa 37 Apartments will be able to choose from various dining establishments, hospitality, entertainment destinations and an amphitheater.
The California Commercial Property site, Circa 37 project, is planned for Tenants to begin leasing Apartments in April of 2012. The 1031 Exchange possibility appears that it will consist of 11 buildings and these structures will be made up of one-, two- and three-bedroom units which will average approximately 945 square feet. This California Commercial Property will offer plenty of amenities for Tenants that will include a clubhouse, well equipped fitness center, game room, relaxing roof terrace, junior Olympic resort-style salt water swimming pool and an outdoor playground for the children.
Sudberry Development (Sudberry Properties) is a San Diego based commercial real estate development and asset management company. This commercial real estate developer specializes in high quality retail shopping center projects and mixed-use town center communities. This commercial real estate developer is also one of the leading retail net lease properties developers and urban community developers in Southern California. This San Diego based commercial real estate development firm was the only San Diego developer to be featured in publications of the Congress for the New Urbanism and the National Trust for Historic Preservation sites.
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