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Garage Condo Project Lands Acquisition and Repositioning Loan in San Diego
JLL Capital Markets has arranged an acquisition and repositioning loan for the Grand Prix Auto Club, an innovative garage condominium redevelopment project located at 8108 Mercury Court in San Diego. The development will repurpose an existing industrial facility, transforming it into a high-end destination for car enthusiasts and collectors.
Spanning 2.08 acres, the project will feature 23 for-sale condominium units, each ranging from 900 to 2,800 square feet. Buyers will also have the flexibility to combine units, allowing for custom spaces capable of housing extensive automotive collections.
“This is the first of its kind in San Diego, but the concept has already proven successful in other areas,” said Bob Mueller, owner of the project and a car enthusiast himself. “The ownership-based model—not for rent—offers many advantages. It will be a great way to store and showcase car collections.”
The financing was secured by JLL Capital Markets’ Debt Advisory team, led by Director Brad Vansant and Jenna Frakes. The terms of the loan were not disclosed.
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