Vista CA— CBRE Capital Markets’ Debt & Structured Finance team has arranged a $84.9 million loan on behalf of MG Properties, for the financing of Alexan Melrose, a Class A multifamily complex in Vista, California.
CBRE’s Scott Peterson, Bill Chiles, and Brian Cruz secured an aggressive ten-year, fixed rate loan with full interest only through Freddie Mac. MG Properties Group a private San Diego-based real estate investor and operator plans to rebrand the property as the Preserve at Melrose Apartments.
“Our team was able to structure a creative solution for locking in long-term attractive debt on a property finishing lease-up,” said Mr. Peterson, senior vice president of CBRE in San Diego. “The newly built property is much needed housing for the Vista submarket.”
Alexan Melrose located at 1401 North Melrose Drive in Vista, was built in 2015 and is 94 percent leased. The 403,790 square foot, three-story, garden-style property has 410 units. There are one, two and three bedroom layouts, averaging 985 feet. There are five floor plans which include quartz countertops, hardwood-style flooring, washer and dryer in each home and assigned garages. The common amenities include two clubhouses, resort-style pool and spa with cabanas and fire pits, eight courtyards, each outfitted with a gas grill, a business center, a fitness facility with a kids’ entertainment suite and a dog park with a washing station.
According to Mark Gleiberman, MGPG’s chief executive officer, “The high quality of this property makes it an excellent long-term strategic purchase for our private investment capital. We believe in the potential of the San Diego region and are pleased to have added two properties to our existing portfolio here within the past six months.”
The property is situated centrally in North County and is within two miles of SR-78 and within five minutes to Downtown Vista Village.