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Integral Partners Lands $84M Bridge Loan for Regents La Jolla

SAN DIEGO-Fremont Investment & Loan has furnished the financing, which Integral Partners is using to acquire Regents La Jolla, a luxury apartment community that the buyer is converting into a condominium complex.

By Erin Cassin | Updated on October 05, 2004

SAN DIEGO-Integral Partners has secured an $84-million bridge financing from Fremont Investment & Loan, which it is using to acquire the Regents La Jolla apartment community. Located at 9253 Regents Rd. in the Golden Triangle area of La Jolla, the property is comprised of 574 luxury units, which are available in various floor plans. The units range from one-bedrooms to two-bedrooms with the option for a den, and feature arched doorways, ceramic tile counters, track lighting, 9-foot to 12-foot high ceilings and oversized windows. They also offer pre-wiring for surround sound systems and intrusion alarms; high-speed Internet access; and three to four phone lines.Regents La Jolla also boasts a variety of community amenities, including a 9,000-sf recreation center with a movie theater, café, gourmet teaching kitchen, living room and 24-hour business center. Residents of the complex also have complimentary access to the area community center, which is located off-site. This center offers a lap pool, basketball courts, and fitness center. Developed in 1999 by the Monarch Group, which is now selling the property, Regents La Jolla does contain a condominium map. Integral Partners plans to convert the complex into a condo asset, with a late October opening planned. In order to accommodate Integral Partners’ strategy, the loan agreement has “holdbacks structured to provide additional funds for unit and exterior upgrades, as well as carrying and marketing costs through the projected sales period,” according to Fremont’s summary of the transaction. The buyer intends to turn Regents La Jolla into the “gold standard of condominium living,” says Lance Waite, principal of Integral Communities.

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