News release

$10.75M financing secured for a California multi-housing community owned by Universe Holdings

JLL Capital Markets has arranged refinancing for the 56-unit Chateau Spring Terrace located in La Mesa, California, marking JLL’s 12th financing on behalf of Universe Holdings this year

November 17, 2022

Jenna Sharp

Capital Markets PR
+1 214 438 6450

SAN FRANCISCO, Nov. 17, 2022 – JLL Capital Markets announced today that it has arranged the $10.75M refinancing of Chateau Spring Terrace, a 56-unit multi-housing community located in La Mesa, California.

JLL worked on behalf of the borrower, Universe Holdings, to secure the ten-year, fixed rate loan through Mechanics Bank.

This closing marks JLL’s 12th financing on behalf of Universe Holding bringing the total loan amounts to $142M YTD. This legacy portfolio of 727-units is spread across Southern-California from San Diego to Ventura.

“These refinances have added approximately $35 million of new equity, which Universe will strategically deploy across the country in the next four months.” said Henry Manoucheri, CEO and Chairman of Universe Holdings. “Our execution was perfect in terms of timing at below market 10-year rates, right before the sudden rise in treasuries. It is all about timing, and a well-known reputation in the market for the last 29 years.”

Built in 1969, Chateau Spring Terrace features one-, two- and three-bedroom units with patios and balconies, efficient appliances, large closets, hardwood floors and spacious floorplans. Community amenities include a fitness center, a laundry facility, on-site maintenance and management, and a pool.

Situated at 4242 Spring St., Chateau Spring Terrace is proximate to downtown La Mesa, San Diego State University (SDSU), the trolley station and the I-8, 125 and 94 freeways. The property is located in the East San Diego submarket, which is the largest concentration of apartment inventory in San Diego and one of the most populated areas in the metro. Vacancy has remained below 3% in the past five years. Rent growth across the entirety of the submarket sits at 8.2%.

The JLL Capital Markets Debt Advisory team in these transactions includes Senior Managing Director Charles Halladay, Director Jonah Aelyon, Analyst Jolie Zhou and Analyst Elle Miraglia.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Universe Holdings

Universe Holdings was established in 1994 by Henry Manoucheri after his transition from a highly successful 15-year career as a multi-housing investment brokerage specialist at Marcus & Millichap. Two decades later, the company has completed investment transactions encompassing the purchase and sale of more than 8,000 units of multifamily housing. Today, the company owns and internally operates a diverse portfolio of multifamily holdings in Southern California’s largest cities and highest barrier-to-entry coastal markets, as well as New Jersey, Florida and abroad in Jerusalem, Israel.