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HFF Arranges $20.5M Financing for Mixed-use Development in Point Loma, California

May 28, 2019

SAN DIEGO, CA – May 22, 2019 – HFF announces it has arranged $20.5 million in financing for The Californian, a luxury residential and retail mixed-use development in the coastal San Diego submarket of Point Loma, California.

HFF worked on behalf of Murfey Company and Bishop Ventures to arrange the 10-year, fixed-rate loan through a commercial bank.  Loan proceeds were used to refinance existing construction financing.

The Californian is situated at the intersection of Kemper Street and Midway Drive adjacent to the newly completed West City Campus, a continuing education facility operated by the San Diego Community College District.  In addition, the property is two miles from the Liberty Station master-planned community and Ocean Beach and offers convenient access to I-5, I-8 and the Pacific Coast Highway.  The three-story, elevator-served building encompasses 81 residential units totaling 68,141 square feet, 3,137 square feet of ground-floor retail and 108 parking spaces.  Completed in 2018, units feature high-end, modern finishes and common area amenities include a rec room, courtyard with swimming pool, jacuzzi, barbeques and lounge areas throughout the property.

The HFF debt placement team representing the borrower was led by managing director Bryan Clark, senior managing director Aldon Cole and associate Bharat Madan.

This article originally appeared in Multi Family Press

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$21M Financing for Point Loma MXU Development

May 24, 2019

Murfey Company and Bishop Ventures secured $20.5 million in financing for The Californian, a luxury residential and retail mixed-use development in San Diego’s Point Loma submarket. The 10-year, fixed-rate loan was arranged through a commercial bank, with proceeds used to refinance existing construction financing.

The three-story, elevator-served building encompasses 81 residential units totaling 68,141 square feet, 3,137 square feet of ground-floor retail and 108 parking spaces. Completed in 2018 at Kemper Street and Midway Drive, units feature high-end, modern finishes with such common area amenities as a rec room, courtyard with swimming pool, jacuzzi, barbeques and lounge areas throughout the property.

HFF’s debt placement team representing the borrower included Bryan Clark, Aldon Cole and Bharat Madan.

Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.

 

This article originally appeared on Connect California

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HFF arranges $20.5M financing for mixed-use development in Point Loma, California

May 24, 2019

HFF announces it has arranged $20.5 million in financing for The Californian, a luxury residential and retail mixed-use development in the coastal San Diego submarket of Point Loma, California.

HFF worked on behalf of Murfey Company and Bishop Ventures to arrange the 10-year, fixed-rate loan through a commercial bank.  Loan proceeds were used to refinance existing construction financing.

The Californian is situated at the intersection of Kemper Street and Midway Drive adjacent to the newly completed West City Campus, a continuing education facility operated by the San Diego Community College District.  In addition, the property is two miles from the Liberty Station master-planned community and Ocean Beach and offers convenient access to I-5, I-8 and the Pacific Coast Highway.  The three-story, elevator-served building encompasses 81 residential units totaling 68,141 square feet, 3,137 square feet of ground-floor retail and 108 parking spaces.  Completed in 2018, units feature high-end, modern finishes and common area amenities include a rec room, courtyard with swimming pool, jacuzzi, barbecues and lounge areas throughout the property.

The HFF debt placement team representing the borrower was led by managing director Bryan Clark, senior managing director Aldon Cole and associate Bharat Madan.

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.


About Murfey Company

Murfey Company is a leader in the real estate development and building industry. The company is dedicated to providing honest and high-quality services to all of its clients, investors and partners, with a focus on positive attitude, maintaining accessibility and a commitment to excellence. Murfey Company encompasses a comprehensive group of services, driven by technology, and fueled by a passion for all things in the building industry, Murfey Company has positioned itself as a clear-cut leader when it comes to development, investments and construction; ultimately enabling you to, “Create Your Lifestyle.”

About Bishop Ventures

Bishop Ventures is a San Diego-based real estate investment and development company with extensive experience in urban infill mixed-use development. Founded by Gilman Bishop in 2007, the firm focuses on mixed-income housing affordable to low and moderate income households.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc.

This article originally appeared in Multihousing Pro

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Developers Land Construction Financing for San Diego Mixed-Use

May 24, 2019

A joint venture between Murfey Company and Bishop Ventures have secured a $20.5 million loan for the development of the Californian, a luxury residential and retail mixed-use project in San Diego. The funds will refinance an existing construction loan.

The Californian is a 18-unit, the three-story apartment complex totaling 68,141 square feet with 3,137 square feet of ground-floor retail and 108 parking spaces. It features common area amenities, like a rec room, courtyard with swimming pool, jacuzzi, barbeques and lounge areas throughout the property.

An HFF debt placement team represented the borrower. Managing director Bryan Clark, senior managing director Aldon Cole and associate Bharat Madan led the placement team.

This article originally appeared on GlobeSt.com

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Finding the right builder for your new home

May 1, 2019

Designing and building your own home can be just as exciting as it is can be stressful.

One strategy that reduces the impact of experiencing those challenging moments is to engage the services of a building professional that you can trust and understands your goals.

With numerous options for potential builders in Southern California, how do you identify the right builder?

Take a personal inventory

Before calling local builders and setting up consultations, it is a good idea to take a personal inventory and focus on your expectations. At this stage, be sure you have defined where you want to live, what size home is right for you and what you can afford.

Spend some time researching different types of loans that are available and how the financing is structured. Obtaining conditional approval from a mortgage banker gives you a clearer snapshot of what you can afford, too.

Give some thought to the following questions.

  • Have I identified a floor plan that works well with my lifestyle?
  • Am I planning to build a new home from the ground up? Or remodel an existing home?
  • Which specific interior and/or exterior materials do I like? River rock for the fireplace? Hardwood flooring or travertine tile? Great room or separate formal living room? Brick? Stucco?
  • Wood trim? Traditional windows or oversized windows?
  • What type of landscaping do I prefer for the exterior? Is it time to build a pool? Do I want a large grassy area for the dog?

Building a partnership

When selecting a builder, you are choosing someone you can partner with who will build one of your greatest assets – your dream home.

Think about if you want to work with a contractor who offers both design and build services. Choosing one company to handle both phases of building offers many advantages. Many Murfey Company clients like working with one design builder as opposed to several professionals when communicating updates, concerns or changes.

Ask your potential builder how many years they have been in business and how many homes have they built.

Another insightful question is to ask the builder how they stand out from other builders.

Always request a list of references from previous clients. Take the time to call at least three different ones.

Reputation matters

Learn as much as you can about the companies you have decided to interview. A reputation for building quality homes is important.

Be sure to confirm that your builder is licensed in the California and the company’s insurance policies and bonds are current.

References from friends, family, real estate professionals or local developers can be invaluable when seeking a reputable builder. The National Association of Home Builders, the Better Business Bureau and local supply stores can offer guidance, too.

Take into account everyone you have had contact with at the firms you are considering from the receptionist to the estimator or the sales representative. Were they pleasant, efficient and helpful? How you are treated is likely a reflection on the company as a whole.

Murfey Company is an expert in residential and commercial construction services. For more information visit www.murfeycompany.com.

 

This article originally appeared in the La Jolla Light

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Bringing new life into existing area

April 2, 2019

Developing new projects in land-locked urban centers and dense outlying communities is on the rise, but it is in the form of adaptive reuse and infill development. Both concepts offer opportunities for development in areas where space is limited.

Adaptive reuse focuses on the redevelopment of an existing building. A new use is created for the building, which differs from its original purpose or use. Infill development is the process of developing vacant or under-used parcels within highly developed, existing urban areas.

Sometimes adaptive reuse and infill developments reuse a large structure to create a cohesive, mixed-use development that blends commercial, retail and residential spaces. Repurposing an existing building or property for a different use is not a new idea for retail and commercial projects.

In fact, Murfey Company is near completion of an adaptive reuse project in La Jolla. The multi-million dollar mixed-use development of the 18,330-square-foot former Nautilus Professional Building at 6902 La Jolla Boulevard will house Valley Farm Market, a high-quality specialty market, in its ground floor retail space, and 15 one- and two-bedroom luxury apartment with ocean views.

However, the concepts of adaptive reuse and infill development are on the rise in the apartment and hotel industries. One of the biggest reasons for this interest is that people enjoy living close to the city where there are plenty of options for dining, shopping, theater, and commute time between home and work generally is shorter.

There are numerous benefits to redesigning and rebuilding what already exists. Why does adaptive reuse and infill development work? Some of these benefits include the following.

  • Economic development opportunities. These projects promote investment or reinvestment of underutilized buildings and vacant lots in downtown areas.
  • Use of existing infrastructure. Resources such as water and sewer lines and streets reduce construction cost and disruption.
  • Cost-efficiency. Adaptive reuse projects generally have shorter timelines, which means that developments are completed faster and generate a profit sooner.
  • Neighborhood revitalization. Adaptive reuse and infill developments revitalize communities, reduce urban sprawl, conserve land and bring new life to the surrounding area.
  • Economic benefits to the community. The new space is attractive to the retail, commercial, residential segments as well as those living, working and shopping in the community.
  • Historic preservation. If a building is designated as historically significant and cannot be torn down, developers can repurpose the structure into a “cool” and desirable place to live, work or shop. A good example is an obsolete warehouse that becomes loft condominiums.
  • Environmentally responsible. Adaptive reuse projects use less energy and create less pollution.

To learn more about Murfey Company, a leader in residential and commercial construction services including adaptive reuse and mixed-use developments, please visit www.murfeycompany.com.

This article originally appeared in The La Jolla Light

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Pros and cons of infill development

March 1, 2019

Infill construction is one method of redeveloping obsolete or underutilized land that is helping to revitalize urban communities. Infill breathes new life into empty buildings, vacant parking lots and unused parcels.

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Homes located in urban neighborhoods are in higher demand than larger homes in the suburbs. One reason for this trend is that today’s young professional want to live closer to work as well as the amenities that city living offers, such as a variety of shopping and dining within walking distance.

The renewed focus on work centers in central business districts has led not only to residential towers going up in downtown areas but also to infill development. Good city planning might even use zoning to require that multi-story apartment buildings and commercial areas be within a certain proximity of public transportation or main thoroughfares.
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Just like many other communities throughout California, San Diego has seen numerous master-planned large-tract developments in outlying suburban areas. As homes have been built further and further away from the city, developers have turned to infill development as an option.

Why infill?

The reasons to support infill are varied. Let’s look closer at some of these pros.

  • Infill projects place residents closer to jobs and community services.
  • New construction revitalizes the area and boosts the neighborhood’s economy.
  • Infill often utilizes existing infrastructure and facilities.
  • In some cases, infill saves historic structures, including preserving them or bringing a new appreciation for them.
  • City centers typically offer more transportation options than the suburbs.
  • Businesses are closer to residents and existing facilities.
  • Landscaping is mature landscaping, which reduces cost and increases property values.
  • Infill invests back into the existing community.
  • Local or state agencies sometimes provide financial incentives.

Although there are many good reasons to support the idea of infill construction, there is a downside, too. Let’s consider some of those “cons”.

  • Infill development can affect established communities and the people who live there. Not only is construction messy, but traffic patterns often are altered and there is a dirt on the road, noise during construction and blocked lanes or driveways.
  • New construction in the city usually is more costly than suburban development. The cost of updating and/or upgrading infrastructure can be a challenging as well. Sometimes existing infrastructure has to be updated or relocated.
  • Zoning changes can create angst for neighborhood residents and businesses. The permitting processes usually requires multiple hearings, increased building/zoning requirements and parking requirements. Area residents who oppose projects typically are more vocal than those residents who support the idea.

Overall, most city officials and developers will agree that the concept of infill is a reasonable and sensible approach to increasing housing options. Not only does infill revitalize, it also takes advantage of infrastructure and services that exist. For developers, the value and return on investment of infill usually outweighs the inconveniences such as waiting for permit approvals.

Murfey Company specializes in residential and commercial construction services. For more information visit www.murfeycompany.com.

This article originally appeared in The La Jolla Light

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How urban infill addresses the housing crisis

February 1, 2019

Finding solutions to the housing crisis, especially in high costs areas such as San Diego, is challenging and complex.

One trend that has emerged to address this crisis is urban infill housing. Infill is the planning term for rededicating land in an urban environment. Although sometimes this land is used for open space, the reuse of the land can be developed for new construction also.

As the demand for new housing in established neighborhoods increases, home builders are finding ways to create marketable projects on infill sites. For example, homes can be built on smaller lots or lots that are irregular in shape.

Traditionally, young professionals have moved to the suburbs as their families begin to grow – the bottom line is they needed more space for a reasonably affordable price.

But today’s young professionals are choosing a different path. This generation wants to live in an urban environment where there is plenty of shopping and dining and their commute time is shorter.

Infill development, particularly on smaller sites, is one way to expand urban housing options.

A report issued by Next 10, a nonprofit, nonpartisan group in California, states that infill development is a viable solution to housing needs in urban environments. Infill promotes sustainability, uses underused or vacant lots and revitalizes communities. When existing infrastructure is utilized by more people, maintenance and upgrading costs are reduced and fewer tax dollars are spent on developing new services.

Urban communities often promote walking in lieu of driving, because housing is within walking distance of restaurants, shops, professional offices and places of worship. This in turn helps to reduce greenhouse gases and petroleum use. State climate goals are met as a result of the shift.

According to this report, infill results in higher annual economic growth, more tax revenue and lower overall construction costs. Those who live in an infill household reportedly drive as much as 18 miles less a week than commuters who do not live in a home constructed on an infill lot.

Although infill properties might be smaller than what can be purchased in the suburbs, these projects are desirable to buyers. Homeowners seem to be interested in a detached home as long as it has a yard, even if that yard is small. And, they appear to be comfortable with a one-car garage if additional parking is available nearby.

Infill alone does not solve the housing problem. The movement does not fully address the problems of high rent and high home prices, both of which are driving housing affordability concerns. At times those who live in settled areas resist the movement, and this is especially true in areas where there already is multifamily housing.Some people are concerned that a massive amount of infill will change a neighborhood’s feel. However, as populations shift and the need for housing rises, communities likely will continue to have to think outside the box.

To learn more about Murfey Company, a leader in construction and real estate development, please visit www.murfeycompany.com.

 

This article originally appeared in The La Jolla Light

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Ready to help property owners on both sides of rental debate

January 10, 2019

One hot issue that San Diegans will be watching in 2019 is the continued discussion of how to resolve the debate of short-term versus long-term rentals.

The prevalence of Airbnb, HomeAway and home rentals have made a big impact in San Diego, especially for the beach communities. At the core of the debate is who can rent a residential property for less than 30 days. This issue, which has been debated in San Diego for at least the past three years, at times has been quite divisive.

Short-term rental advocates believe they should have the right to use their properties in any way they want, including supplementing their income. They say short-term rentals are good for tourism and the local economy.

Opponents believe there are too many investor-owned second homes being used as short-term rentals, especially along the coast. What once were quiet neighborhoods are now neighborhoods filled with vacationers. The use of second homes as short-term vacation rentals reduces the number of long-term rentals, which adds to the problem of a lack of affordable rentals in the area, too.

In 2018, city officials had proposed ordinance restrictions that would have prohibited short-term rentals for a second home but would have allowed a home to be used as a short-term rental while the owner was absent for up to six months in a year. However, the proposed regulation changes were repealed after voters agreed in the November 2018 election to let voters decided.

San Diego voters will have the opportunity to have their say on the issue in 2020 when a referendum will be placed on the ballot. In order for the measure to be placed on the ballot prior to 2020, a special election would need to be held.

Some city officials have said they are concerned that placing the issue on the ballot eliminates any possible progress for the next two years. Additionally, some fear that large companies with a vested interest in the issue will spend big dollars to sway public opinion.

San Diego is not alone in its attempt to find a balance for owners and neighbors. Other communities across America are facing similar concerns regarding short-term rentals. Some municipalities have tightened their ordinances and written stricter guidelines to appease those who support short-term rentals and those who oppose them.

As a developer and property management firm, the professionals at Murfey Company can understand all sides of the argument.

Murfey Company’s real estate development division and construction division are ready to help the property owners of both short-term and long-term rentals.

The real estate development division, which specializes in urban development and investment, can assist owners return their short-term rental space into a long-term housing solution. Devoted to the core principles of truth, integrity and excellence, this division handles all aspects of real estate investment, including Entitlement, Project Management, Construction Management, Property Management, Brokerage, Leasing, and Financial Management.

The construction division of Murfey Company is able to assist property owners upgrade their short-term rental income potential and work with long-term home owners to build their lifestyle dream. Our first step in this process is to ask our clients: “How do you want to live?”

To learn more about Murfey Company, a leader in construction and real estate development for commercial and residential projects, please visit www.murfeycompany.com.

 

This article originally appeared in The La Jolla Light

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Construction trends in 2018 that will continue into 2019

December 4, 2018

The rising cost of materials, the use of technology to manage projects and sustainability continue to be realities in 2019.

Although increasing interest rates and labor costs have slowed down sectors of the construction, the demand for commercial real estate, school construction and public works projects remain strong. The demand for multi-family unit construction will continue into 2019, partially due to the numbers of empty nesters and Millennials seeking affordable options for housing.

Rising costs

Construction costs rose in 2018 and this will continue in 2019 for both materials and labor. These construction industry trends will continue as long as there is a decreased supply and increased cost for materials.

The very low unemployment rate is expected to affect costs, because there are more jobs than workers. Projects have slowed down or stalled due to the shortage of labor. The result of any project slow down is higher costs. Time is money in construction.

The use of technology

Technology will continue to impact the construction industry. The cost of implementing technology saves money in the long run. Construction industry technology, such as computer programs and applications, promote efficiency, transparency and accountability. Project management software offers real-time communication and the ability to track the project.

With more drone usage and 3D printing than ever before, it is likely the construction industry will embrace both these forms of technology.

After all, both will make construction work safer and easier; drones can be used to ensure materials are placed exactly how they should be, and 3D printing can be used to make sure every material is the perfect size. Another form of technology that people can expect to see more of is Building Information Modeling (BIM). BIM will make the collaboration aspect of construction easier. Most construction projects require tens (or even hundreds) of people to come up with essential aspects of the plan, but it can be difficult for all these people to stay in communication. There are lots of benefits to using BIM; it makes resource management easier, it helps people to stay in touch throughout the project, and it enables enhanced collaboration.

Green construction and sustainability

Green construction and sustainability are here to stay. Even though these terms appear to be interchangeable, these two concepts have differences. Green technologies improve the carbon footprint; sustainability is a method employed to make the world a better place.

This growing field in construction. More and more buildings and plans are incorporating green technology into the construction process. Green construction is a way of building projects in an environmentally responsible and resource-efficient way. It covers from planning to design, to construction, maintenance, and demolition. These methods aren’t that different from the classic building methods since the economy, utility and durability are all important facets of the process.

Increasingly, people are focused on sustainability, so the most successful companies are also focusing on sustainability. This is a terrific way to appeal to the Millennials, and of course, it is also much better for the world as a whole. For this reason, it is very likely that most, if not all, construction companies will place a strong focus on sustainability. While it is still important to find the best product for the job, it is likely managers will look for products that have a focus on ecological benefits, such as living walls that provide an area with fresh oxygen. Sustainable construction can include the preservation of the environment, an efficient use of resources, with an eye to social progress and culture. These can include buildings with ways for natural light to reach the middle of the building, thereby reducing electrical costs or buildings that reuse water from the sinks in the toilets. These focus on making small changes to reduce the number of resources necessary to build a new building and such.

Increase in Prefabrication and Modular Construction Projects

many projects, but production has slowed or stalled due to the labor shortage. While this is why companies are turning to modular and prefabricated construction in order to make project deadlines, it doesn’t’ change the dwindling number of workers.

The trend of prefabrication and modular construction will continue to be strong because these products are energy efficient and cost-effective. In some cases the use of these product reduces overall costs significantly. You can expect to see a lot more permanent modular buildings in the future, as well as pop-up buildings and prefabricated homes.

Improved safety procedures and equipment

Construction industry trends that will continue into 2019 are the better safety equipment products. With the rise in new equipment, there will also be a rise in standards. Due to the hiring number of accidents and deaths related to construction, it’s clear that there will be a push for better safety equipment.

These improvements will help keep more of the workers safe on a site and bring about a new era in construction safety.

The construction industry suffers far more workplace accidents and fatalities than most industries. The development of technology designed to make construction sites safer, such as mobile apps and computer programs, encourages employees to adhere to safety measurements when they are working.

Murfey Company is committed to environmentally responsible and resource efficient construction in its commercial and residential projects from start to finish. If you are interested in learning fluoxymesterone review premier league aguero more about our construction and real estate development projects, please visit www.murfeycompany.com.

This article originally appeared in The La Jolla Light

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MURFEY COMPANY

2050 Hancock Street, Suite B, San Diego, CA 92110

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