Multi-housing asset in coastal California secures $13.1M in financing
JLL Capital Markets arranged acquisition financing for the 61-unit The Independent in Sand City, California
SAN DIEGO, March 23, 2023 – JLL Capital Markets announced today that it has closed the $13.1 million acquisition financing for The Independent, a Class A, 61-unit multi-housing asset located in Sand City, California within Monterey County.
JLL marketed the property on behalf of the borrower, Diversyfund, to secure a fixed-rate loan through a life insurance company.
Built in 2008 and renovated in 2014, The Independent offers a mix of modern studios, one-bedroom and two-bedroom units with stainless steel appliances, granite countertops and modern cabinetry. Community amenities include a courtyard, carports and garage parking. Further upside from the property comes from the 11,000 square feet of vacant commercial space and the opportunity to develop additional units on the underutilized, excess land included with the purchase.
Situated at 600 Ortiz Ave., the property is walking distance to Monterey State Beach and less than ten miles away from the famous Pebble Beach Golf Courses and Monterey Bay Aquarium. Sand City is set on the shores of Monterey Bay, offering a high quality of life with proximate boutiques, fine dining, art galleries, shops and cafes.
“The Independent represents a unique investment opportunity to purchase a great asset in a supply-constrained coastal California market below replacement cost. Real estate is truly a team sport, and we couldn’t have asked for better partners than JLL and Eagle Realty Group on this acquisition,” said Isaac Dixon, Senior Vice President, Real Estate at DiversyFund.
The JLL Capital Markets Debt Advisory team was led by Managing Director Bryan Clark and Associate Brad Vansant.
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.
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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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
DiversyFund Inc. is a leading fintech investment platform based in San Diego, enabling the everyday investor access to private real estate markets, focused on multifamily assets. DiversyFund’s founders and its leadership have combined their expertise in real estate investing, syndication, fund management and technology to democratize investing. The company’s institutional-quality offerings are now available to everyone through an innovative use of technology and a unique business model. DiversyFund Inc. boasts a community of over 500,000 users, including 30,000 investors. Visit www.DiversyFund.com for more info.