CBRE Secures $145M In Loans For Two Apartment Assets
CBRE Capital Markets’ Debt & Structured Finance team has arranged $145M in financing for two Class-A apartment communities in San Diego’s UTC submarket, including $77.5M for La Jolla International Gardens and $67.5M for La Scala Apartment Homes (above).
“The location of the two properties and recent extensive renovations created a highly competitive bidding environment from life companies and agencies,” CBRE SVP Barry Petro said. He was able to secure 12-year, fixed-rate loans on behalf of the developer, The Premiere Residential. The new loans, funded by Prudential Mortgage Capital Co, are replacing existing CMBS loans. Both properties underwent extensive interior renovations in 2014 and 2015, and occupancy exceeds 98%.
At 3417 Lebon Drive, the 400-unit La Jolla International Gardens complex (above) features a fitness center, a clubhouse with a billiards room, a volleyball court and a barbecue area. La Scala Apartment Homes, a 354-unit complex at 3845 Nobel Drive, offers resort-style amenities, including a pool and spa, a clubhouse with an internet lounge and a complimentary coffee bar. The complexes are near the I-5 and 805 freeways and surrounded by three major healthcare campuses, the University of California San Diego, Qualcomm, Westfield UTC Mall and numerous publicly traded biotech and pharmaceutical companies.