$203M in refinancing secured for San Diego multi-housing community
JLL Capital Markets completed the construction takeout financing for the 442-unit Vive Luxe in Kearny Mesa
SAN DIEGO, May 17, 2022 – JLL Capital Markets announced today that it has closed the $203 million construction takeout financing for Vive Luxe, a Class A, 442-unit, multi-housing community in the Kearny Mesa submarket of San Diego, California.
JLL represented the borrower, Sunroad Enterprises, to secure the five-year bridge loan.
Built in 2022, Vive Luxe offers studio, one-, two- and three-bedrooms units with fully equipped gourmet kitchens, top-of-the-line stainless steel appliances, distinctive wood-style flooring, quartz countertops and open-concept living spaces. Additionally, the common areas include a pool clubroom, resort-inspired pool and spa, 24-hour fitness center, a resident wine lounge and a sky deck and ocean lounge.
Situated at 4890 Sunroad Centrum Ln., the property offers residents convenient highway accessibility with CA-163, I-805, CA-52 and I-163 less than four miles away. In addition to Kearny Mesa, the property is also proximate to other major employment centers, such as the University Towne Center/La, Sorrento Valley/Sorrento Mesa, Mission Valley and downtown San Diego. Residents benefit from the nearby Montgomery Field airport and the San Diego International Airport.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Aldon Cole and Tim Wright, Associate Bharat Madan and Analyst Mariah Feghali.
“This financing concludes the final capitalization on one of the most high profile, infill developments in San Diego’s recent history,” said Cole. “The debt market aggressively pursued the opportunity and held terms through a volatile time in the market, which emphasizes the long-term, irreplaceable nature of this marquis development.”
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 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sunroad Enterprises
Sunroad Enterprises is a diversified and experienced holding company. Founded in 1977 in San Diego, Sunroad consists of two distinct divisions: Real Estate and Automotive. The company has built over 3,000,000 square feet of Class A office space, developed/operated the 600 slip Safe Harbor Sunroad Marina, owns or is under development on nearly 10,000 multifamily units, and operates Maderas Golf Club, recently ranked by Golf Digest as a top 100 Golf Course. Sunroad Enterprises has been involved in projects in California, Colorado, Nevada, Arizona, Washington, Georgia, Tennessee, N. Carolina, S. Carolina and Mexico, and has earned numerous quality commendations from local, regional, and national organizations. On the auto side, Sunroad currently owns and manages 25 new car dealerships in the US & Mexico, with annual vehicle sales in excess of 35,000 cars sold and 300,000 customers choosing Sunroad for service. Sunroad is proud to have won, amongst others, the Ford Triple Crown Award, Honda Presidents Award, Subaru Stellar Performer, and BMW Center of Excellence Award.