JLL arranges $58.5M loan for San Diego multi-housing portfolio
The portfolio consists of five recently renovated workforce-oriented housing properties
NEWPORT BEACH, Calif., April 2, 2020 – JLL Capital Markets announced today that it has arranged $58.5 million in financing for a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego, California.
JLL worked exclusively on behalf of the borrower, Real Asymmetry, to arrange the 10-year, fixed-rate loan through Union Bank. The loan proceeds were used to refinance existing bank debt at a much lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.
The properties in the portfolio are located in and around the East San Diego submarket, which is one of the fastest growing multi-housing markets in Greater San Diego. The portfolio includes Asana at North Park at 3710-3810 Wabash Avenue; Pacific Cove at 4019 Oakcrest Drive; Tierra Del Rey at 3675 King Street; Tiburon at 7740 Parkway Drive; and 14th Street at 1028 14th Street. The portfolio’s average occupancy at closing was 96%.
The JLL Capital Markets team representing the borrower was led by Senior Director Zane Sweet.
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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Real Asymmetry
Real Asymmetry was formed in March 2013 by Chris Honeycutt in partnership with Constellation Realty Management to acquire and improve an eight-unit apartment building in the North Park submarket of San Diego, California. Since then, the company has transacted a portfolio of improved and in-progress communities of approximately 1,000 units. Real Asymmetry’s strategy is a simple one: Buy underperforming multifamily assets in high-demand areas at a great price and elevate them to their highest and best use through significant capital improvement.