San Diego apartment community refinanced with a $10.25 Fannie Mae Green loan

SAN DIEGO, October 28, 2020 – JLL Capital Markets announced today that it has arranged a $10.25 million refinancing of Truax Lofts and Truax House, a newly constructed, 36-unit, modern residential community built with eco-friendly materials in San Diego’s Bankers Hill neighborhood.

JLL worked on behalf of the borrower, San Diego-based Nakhshab Development & Design (NDD), to originate the 10-year, fixed-rate Fannie Mae Green loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Truax Lofts consists of a new building with 26 units, and Traux House is a renovated, historic Craftsman with 10 additional units and a community room. Four units are very low-income units. Traux House was originally built in 1912 and served as the only hospice for AIDS patients during the epidemic. NDD restored the structure and developed the new building on an adjacent plot. Both projects were named for AIDS awareness and prevention leader Dr. Brad Truax and completed using eco-friendly and sustainable materials and finishes, including photovoltaic solar panels, LEED Gold design specifications, ENERGY STAR appliances and energy efficient fixtures. Community amenities include outdoor dining, barbecues and a movie screen; a firepit with lounge seating; garden; bike storage; and Webpass Internet.

Located at 2517 Union St. and 598 W. Laurel St., the property is on a private cul-de-sac in the heart of Bankers Hill, one of San Diego’s premiere neighborhoods. The property is proximate to Little Italy, downtown and Balboa Park, in addition to providing prime views of San Diego Bay and Maple Canyon.

The JLL Capital Markets Debt Placement team representing the seller was led by Senior Managing Director Aldon Cole, Managing Director Chris Collins and Analyst Anthony Rosetta.

“This was a very competitive loan process, and Fannie Mae was ultimately able to maximize the loan proceeds we requested and came in with the lowest interest rate,” Collins said. “We are very excited for the NDD team and pleased with the loan execution overall.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

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, 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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