BAI Fund Manager, a subsidiary 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 underwriting process and ability to assess multiple business plans played a crucial role in securing the loan.
Currently functioning as an office building spanning over 250,000 square feet in downtown San Diego, 530 B St. offers flexibility that aligns with the new ownership’s vision for its transformation into residential units within the next year and a half.
Mark Bolour, CEO of Bolour Associates Inc., expressed enthusiasm about supporting this strong sponsorship group and their plans for this prestigious downtown asset: “The acquisition cost basis allowed us to provide certainty to the sponsor and expedite approval as an adaptive reuse project.” Connect CRE reports on these developments.
