Kearny Mesa Apartments Refinanced With $165M Loan
Two new luxury apartment complexes in San Diego, developed and owned by Sunroad Enterprises, have received $165M in short-term first mortgage debt in a loan originated by Mesa West Capital. The financing was structured in two pieces with Mesa West holding the $145M A-note and New York-based real estate investment adviser Clarion Partners holding the $20M B-note.
Mesa West’s five-year, non-recourse loan is secured by the 253-unit Ariva and the 302-unit Vive on the Park, the two most recent apartment developments in Sunroad’s 40-acre Sunroad Centrum master planned community in the Kearny Mesa submarket. When finished, Sunroad Centrum will include 1,622 multifamily units and 856K SF of commercial office space. Sunroad Centrum is part of the San Diego Spectrum Center, the redevelopment of the former 232-acre General Dynamics aerospace facility.
"The two residential projects benefit from the many demand drivers for the area," Mesa West Vice President Jason Bressler said.
In the center of San Diego, the area has one of the highest household incomes in San Diego, driven by its schools and strong employment base, which includes the corporate headquarters of San Diego Gas and Electric, Northrup Grumman, Kaiser Permanente and Solar Turbines.