April 7, 2020
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.
For comments, questions or concerns, please contact Dennis Kaiser