Responsible Residential to develop Carlton Oaks Townhomes
JLL Capital Markets arranged the $3.45M loan for the 10-unit townhome development in East San Diego County
SAN DIEGO, November 16, 2020 – JLL Capital Markets announced today that it has arranged $3.45 million in construction financing for the 10-unit Carlton Oaks Townhome development in East San Diego County.
JLL worked on behalf of the borrower, Responsible Residential, to secure the loan through a private lending source.
The for-rent townhome community will consist of two three-story buildings with 14,777 square feet of rentable area. Each townhome averages 1,477 square feet and includes three bedrooms with three-and-a-half baths and features a two-car garage – also pre-wired for electric vehicle charging – en-suite bathrooms for all bedrooms, stacked in-unit washer and dryer, stainless-steel appliances, chrome and brushed nickel fixtures and carpet and luxury vinyl flooring with some units including balconies and personal patios.
Carlton Oaks will be located on the northeast corner of Carlton Oaks Dr. and E. Heaney Circle in Santee, a suburb in San Diego County, just a couple of miles from the renowned San Diego Christian College and just 20 miles from Downtown San Diego.
Santee is touted for its various outdoor recreational destinations, including the Santee Mast Park, which recently underwent $10 million in playground, picnic, and sports area renovations; San Diego River Trail Walker Preserve, a 14-foot wide, 1.3-mile long trail; and the Santee Lakes Recreation Preserve, also known as “San Diego’s Best Campground,” and offers fishing, boating and camping. In addition, Santee is home to Sportsplex USA, a 15-acre premier complex that hosts over 360,000 visitors annually for sports leagues, tournaments, and corporate events.
“We are happy to get this project underway,” said Bryan T. Underwood, Principal of Responsible Residential. “Chris Collins and his team did a fantastic job and presented our team with a range of financing options. We are pleased to bring much-needed housing to the Santee market and look forward to doing our part to increase the housing supply throughout San Diego.”
The JLL Capital Markets team representing the borrower was led by Director Chris Collins.
“Responsible Residential has always been a great partner, and we are more than thrilled with the outcome of this loan closing,” said Collins “It is very exciting to see new development in the Santee market and believe it’s the start of a trend moving forward.”
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 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.
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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Responsible Residential
Responsible Residential (“RR”) is an affiliate of Responsible Real Estate, Inc (“RRE”). Lead by Sean P. Jones and Bryan T. Underwood, RR exists to bring much-needed housing to the San Diego market. Its best-in-class development team creates value throughout the entire development process providing exceptional returns to our investors. Visit www.ResponsibleRE.com to learn more.