SAN DIEGO—Mesa West Capital has originated at $165-million loan in short-term first-mortgage debt to refinance two new luxury apartment complexes developed and owned by Sunroad Enterprises in the 40-acre master-planned community Sunroad Centrum. Both complexes are located in the Kearny Mesa submarket.
Mesa West VP Jason Bressler tells GlobeSt.com the Kearny Mesa multifamily market benefits from a variety of significant demand drivers including an increasing population and one of the highest household incomes in San Diego. “In addition to its excellent schools and rich retail amenity base, Kearny Mesa is centrally located, with easy access to San Diego's other major employment hubs including Mission Valley, Downtown San Diego and Sorrento Valley.”
For this deal, the five-year, non-recourse loan was structured in two pieces, with Mesa West holding the $145-million A-note and New York-based real estate investment advisor Clarion Partners holding the $20-million B-note. Tim Wright and Aldon Cole in the San Diego office of HFF arranged the financing.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
