JLL Capital Markets arranges $2.53M refinancing for San Diego apartments
The Madison Apartments offer 12 newly renovated units in the East County submarket
SAN DIEGO, May 30, 2024 – JLL Capital Markets announced today that it has arranged a $2.53 million refinancing for The Madison Apartments, a 12-unit, newly renovated multi-housing community in San Diego, California.
Working on behalf of the borrower, Pace Properties, JLL placed the three-year, fixed-rate loan with a regional bank.
The Madison Apartments are located at 5074-5084 Madison Ave. in the East County submarket, which is home to San Diego State University. This area offers nine trolley stops connecting the submarket to Downtown San Diego, Old Town and the UTC and UC San Diego areas.
Recently renovated in 2023, The Madison Apartments consists of eight two-bedroom units and four accessory dwelling units that are studios with loft space. All of the units offer newly renovated kitchens, bathrooms and new flooring.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Chris Collins and Analyst Emily Pohlman.
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 sales and 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.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Pace Properties
Founded in 2015, Pace Properties has acquired and renovated more than $40 million in assets to date.