April 7, 2020 Comments Off on JLL Arranges $60M Loan for San Diego Multi-Housing Portfolio Views: 754 California News, San Diego, Top California

JLL Arranges $60M Loan for San Diego Multi-Housing Portfolio

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JLL Capital Markets arranged $58.5 million in financing for a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego. The properties in the portfolio are located in and around the East San Diego submarket.

The portfolio includes Asana at North Park at 3710-3810 Wabash Ave.; Pacific Cove at 4019 Oakcrest Dr.; Tierra Del Rey at 3675 King St.; Tiburon at 7740 Parkway Dr.; and 14th Street at 1028 14th St. The portfolio’s average occupancy at closing was 96%.

JLL’s Zane Sweet worked exclusively on behalf of the borrower, Real Asymmetry, to arrange the 10-year, fixed-rate loan through Union Bank. The loan proceeds were used to refinance existing bank debt at a much lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.

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