$6.95M Construction Loan on a Rancho Santa Fe Village Commercial Building

Construction money rarely reaches the Covenant. Rancho Santa Fe's historic village commercial core is a tightly controlled, rarely traded strip, and 6024 Paseo Delicias sits on a corner of it: a two story retail and office building that sold in April 2024 for $11,247,000 per brokerage sale records. Two years later, on April 28, 2026, Wilshire Quinn Income Fund recorded a $6,950,000 construction deed of trust against it, on a 13 month term due May 2027, for owner Maui Partners LLC, a California company formed in 2011 and registered in Rancho Santa Fe.

The building's age depends on who you ask, and the conflict is reported as recorded: county data lists a 2000 build year, while listing records date the structure to 1926 and sale records to 1928, consistent with a village core building whose county year reflects renovation rather than origin. Listings describe roughly 9,475 square feet of storefront retail and office across twelve rental spaces; the county carries 11,113 square feet. Directory listings tie a jeweler, a bistro, and a restaurant to the address, though current occupancy through the coming construction period is not confirmed.

The recorded financing history is thin for an asset this valuable, itself a signal of long, quiet ownership: a $1,500,000 GMAC commercial mortgage in 1996, small bank loans in 2006 and 2008, a $3,000,000 indemnity deed of trust in 2018, and a $1,600,000 private trust deed recorded in June 2024, shortly after the sale. The Wilshire Quinn loan is more than double any prior instrument.

The lender is a San Diego private mortgage fund, established in 2004 and lending on commercial and residential property primarily in California, per its own materials. This is its first closing tracked on LoanList, and one of only two tracked San Diego County office closings this spring, opposite a $6,700,000 J.P. Morgan bank loan in Kearny Mesa: one private, one bank, nothing in between.

For owners in trophy village districts, the sequence matters: a $11,000,000 asset, a design controlled setting, and a renovation program too fast or too complex for bank construction committees went to a private fund on thirteen month money. When the collateral is exceptional but the timeline is tight, this is what the capital stack looks like, and the recorded amounts here price it.