BAI Fund Manager, an affiliate of Bolour Associates Inc., recently granted a $16.5-million loan for the purchase of 530 B St. in San Diego’s Civic Center submarket by Ambient Communities. This former Union Bank building will be converted into 140 condominium units, and Bolour’s quick assessment and underwriting abilities were crucial in providing certainty to the sponsors.
The property currently operates as a 250,181-square-foot office building in downtown San Diego but offers flexibility for the new ownership’s plans. Approvals are expected within the loan term of 18 months.
Mark Bolour, CEO of Bolour Associates Inc., expressed excitement about supporting this strong sponsorship group and their vision for this prime asset in downtown San Diego. He also highlighted how their ability to quickly approve this project as an adaptive reuse project was made possible due to its adjusted cost basis during acquisition.
