Bonita Glen Development

Pembrook Capital Management provided a mezzanine loan for $11.7MM to develop Bonita Glen, a 170-unit, 5.3-acre multifamily community at 245 Bonita Glen Drive in Chula Vista, CA. The sponsor, GenProp, LLC, is a full-service real estate development firm whose founders and principals have over 80 years of combined experience in all aspects of real estate development, finance, construction and asset management. A full 51% of units are targeted to tenants making less than 100% of the Area Median Income, and nine rent-restricted units will be leased to households earning 50% or below of the Area Median Income at rents that do not exceed 30% of the 50% of AMI. Another 5 rent-restricted units must be leased to households earning 120% or below of the Area Median Income. 

Amenities for the property include on-site laundry facilities, pool, community BQQ/picnic area, assigned covered carport parking and Amazon HUB lockers. Apartments feature stainless steel appliances, large closets, vinyl plank flooring, mirrored wardrobe doors and double pane windows.

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