We’re pleased to announce that we have invested roughly $3 million in the Golden Surf, a new five-unit luxury home subdivision on a 31,823 square foot (0.73 acre) site in Carlsbad, CA, a northern suburb of San Diego. The property has already received its final tract map and is approved for construction. The borrower anticipates breaking ground on the project this summer. The principals have provided a full personal recourse guarantee on the loan.
Why we invested
- Shovel-ready project: The property has already received its final tract map and is approved for construction.
- Experienced local partner: New Pointe Communities is a vertically integrated real estate firm that specializes in single family home development. New Pointe is based in Orange County, CA and has developed approximately $96 million of real estate since 2008.
- Great location in affluent suburb: A northern suburb of San Diego, Carlsbad is among the top 20 wealthiest communities in the nation.
Neighborhood spotlight: Carlsbad Village
Carlsbad, locally known as the “Village by the Sea”, is positioned along seven miles of shoreline north of San Diego, California. Due to its gorgeous location on the Pacific Ocean, the village has become a sought after destination for many.
While the community welcomes visitors with an abundance of attractions, there is also plenty of entertainment in the village for its affluent residents to enjoy. Downtown Carlsbad in particular is full of restaurants, shops, art galleries and theaters.
Events often take place on the streets of the village, including a weekly farmer’s market and a popular annual art festival. Throughout the summer, the town hosts outdoor movies on Thursdays and live music on Fridays. Meanwhile, residents looking for a relaxing evening can take a stroll on the Carlsbad Boardwalk while watching a beautiful sunset over the Pacific.
We believe the location of this property in the desirable Carlsbad community will support demand for these newly constructed single family homes.
