September 28, 2016
Vancouver, B.C.-based Pinnacle International secured $135 million in refinancing for Pinnacle on the Park’s Phase 1 in downtown San Diego. The 45-story apartment tower opened last year in the East Village neighborhood.
The more than $150-million tower is the tallest apartment building in San Diego’s downtown area. It includes 484 units, a 1.3-acre park, a lap pool and spa, barbecue grills, a community room and fitness room.
Kidder Mathews’ Jamie Dick and Jay Dick arranged the fixed-rate loan through an unnamed life insurance company.
The developer began site work earlier this year on a second tower at Pinnacle on the Park. It is planned for a total of 476 residential units, and slated for completion in 2019.
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