La Jolla CA— CBRE Capital Markets’ Debt & Structured Finance team has arranged $145 million in financing for two, Class A apartment communities located in the UTC submarket of San Diego, California.
The properties included in the transaction are:
- La Jolla International Gardens, 400 units; $77.5 million loan.
- La Scala Apartment Homes, 354 units; $67.5 million loan.
Barry Petro of CBRE’s San Diego office secured the 12-year, fixed-rate loans on behalf of the developer, The Premiere Residential. The new loans will replace the existing CMBS loans and were funded by Prudential Mortgage Capital Company.
“The location of the two properties and the recent extensive renovations created a highly competitive bidding environment from life companies and agencies,” said Mr. Petro, senior vice president, CBRE Capital Markets.
Located, 3417 Lebon Drive, La Jolla International Gardens features a state-of-the-art fitness center, clubhouse with a billiards room, volleyball court and barbeque area.
La Scala Apartment Homes is located, 3845 Nobel Drive and offers luxury amenities including a resort-style pool and spa, clubhouse with internet lounge and complimentary coffee bar.
The properties underwent extensive interior renovations during 2014 and 2015, and have occupancies exceeding 98 percent. The properties are in proximity to the Interstate 5 and 805 and are surrounded by three major healthcare campuses, University of California, San Diego, Qualcomm, Westfield UTC Mall and numerous publically traded biotech and pharmaceutical companies.