JLL arranges $50M financing for Pierside
Funds retire existing construction loan on the Oceanside, California, mixed-use community
SAN DIEGO, December 12, 2019 – JLL announced today that it has arranged $50 million in financing for Pierside, a two-building, mixed-use property with 176 residential units and approximately 17,000 square feet of retail space in the coastal Southern California community of Oceanside.
JLL worked on behalf of the borrower to arrange the 10-year, fixed-rate loan with a life insurance company. Loan proceeds will be used to retire the existing construction loan, cover associated transaction costs, fund leasing costs for vacant retail space and return a portion of sponsor equity.
Pierside was constructed in two phases, Pierside North and Pierside South, that were completed in 2016 and 2018. Located in the heart of Oceanside along Mission Avenue, the property is steps from the Pacific Ocean and also less than one mile from Interstate 5. Pierside North consists of 66 residential units and common area amenities, including a spa pool; outdoor grilling and dining areas; outdoor lounge with fire pit and games; resident clubhouse with TV’s and shuffleboard; fitness studio; outdoor fitness space with yoga area; and dog park. Pierside South comprises 110 residential units and amenities, including a rooftop lounge with panoramic views; swimming pool overlooking the ocean; landscaped grilling and picnic areas; resident clubhouse with TV’s and pool table; vista lounge; movie lounge; fitness studio; yoga space; and surfboard storage. In addition, the properties have 421 parking spaces total, 264 of which are reserved for residents.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.