San Diego CA— CBRE has announced a $69.75 million loan for the refinancing of Jefferson Pacific Beach, a recently constructed, 172-unit multifamily community in the Pacific Beach neighborhood of San Diego.
Troy Tegeler, Scott Peterson, Bill Chiles and Trevor Breaux and of CBRE’s debt and structured finance team in San Diego arranged the loan on behalf of the owner of the property, JPI, a Texas-based multifamily investment and development firm.
Located 4275 Mission Bay Drive, Jefferson Pacific Beach is comprised of 169,571 square-feet of residential space and approximately 14,000 square-feet of commercial space. Amenities include a business center, resort-style saltwater pool and spa, fitness center and surfboard repair station. The bayfront community is adjacent to the I-5 freeway and is less than three miles from the Pacific Beach Pier.
“This was a great opportunity to work on a new, beautiful Class A property here in San Diego,” said Mr. Peterson. “JPI built an incredible asset that has been leasing very well throughout this past year. Jefferson Pacific Beach provides a great quality of life for tenants looking for a central location that is close to everything San Diego has to offer!”
He added, “Jefferson Pacific Beach is part of a broader effort within the City of San Diego to bring private development and community assets together to improve this prime area of the city. This is the largest multifamily community to be built in the submarket in the last 20 years and was a very significant development for Pacific Beach.”