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San Diego Student Housing

Suites on Paseo Bond Details Revealed

You could say that America First Multifamily Investors has a bonding relationship with a major student housing project in San Diego. The multifamily investor revealed in SEC docs that it owns a $35.5M bond on the Suites on Paseo, a 385-unit student housing project across the street from San Diego State University. According to filings, AFMI holds the bond with a 6.25% base interest rate, which it purchased in December of 2013. The property, owned by Preiss Co, had a net op income of $501k on net revenues of $3.55M in 2014. Preiss is current on its principal and interest payments, AFMI reports. In turn AFMI purchased a $35.8M mortgage revenue bond with an interest rate of 6.25%/annum, maturing in 2048, secured by The Suites on Paseo.

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