September 18, 2020
Financing closed for the anticipated 480-unit multifamily project within Meridian Development’s 210-acre Millenia community in Chula Vista. MetLife Investment Management, Allstate and Ryan Companies secured a $103.5 million construction loan and Ryan has started mobilizing.
Ryan Companies’ Christa Chambers says, “The need for multifamily in Chula Vista is there, and the investment return is extremely attractive, but the quality of the project and the strength of the development group ensured the lending markets remained open to this project.”
City National Bank, Vectra Bank Colorado and MidFirst Bank are the co-lenders for the 512,000-square-foot multifamily project. The new development will offer housing, commercial space and several amenities.
Ryan Companies also added Preston Underdown as a VP of Real Estate Development in its San Diego office. Underdown comes to Ryan Companies with years of experience in multiple industries and most recently served at The Richmond Group, and before that he was at RNC Capital Management, LLC.
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