Done Deals: JLL arranges $222.5 million refinancing for Sunroad Enterprises on two San Diego, CA apartment buildings

Thursday, July 18, 2019

JLL arranges $222.5 million refinancing for Sunroad Enterprises on two San Diego, CA apartment buildings

Vive on the Park is a 550-unit, mid-rise apartment complex consisting of five stories that house a variety of studio, one-, two- and three-bedroom units within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket

SAN DIEGO, CA – JLL announces it has arranged a $222.5 million refinancing on behalf of Sunroad Enterprises for two, Class A multi-housing properties totaling 803 units within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket.

JLL worked on behalf of the borrower, Sunroad Enterprises, to arrange the 10-year, fixed-rate loan.

Aldon Cole

The portfolio comprises the newest apartment developments in the Kearny Mesa submarket, Ariva Apartments and Vive on the Park. The properties are proximate to SR-163 (Cabrillo Freeway) and Interstate 15.

The 253-unit Ariva was completed in 2014 and consists of two podium-style buildings, each with four stories over a two-story podium garage and separated by a two-acre park.

The studio, one- and two-bedroom units range in size from 595 to 1,241 square feet and feature quartz countertops; hardwood cabinetry with decorator pulls; stainless steel GE appliance packages that include gas ranges; wood-planked laminate flooring; full-sized, in-unit, front-load washers and dryers; and nine-foot ceilings.

Community amenities include a recreation room, exercise room, game room, learning center, outdoor pool and spa, outdoor showers, private cabanas, barbeque areas, pool deck, fire pit and waterfall.

Vive is a 550-unit, mid-rise apartment complex consisting of five stories that house a variety of studio, one-, two- and three-bedroom units.

Tim Wright

Constructed in two phases in 2017 and 2019, units feature slate appliances, five-burner gas ranges, tiled backsplash, stone countertops, wood-plank style flooring, front-loading washers and dryers, and spacious walk-in closets.

Vive’s amenity package includes a variety of lifestyle and entertainment options such as rooftop lounges with a pool and spa, multi-level fitness center, business center, sand fire pits and wooded elevated deck, clubroom, game room, social club and onsite storage.

The JLL Capital Markets team representing Sunroad was led by senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan.

“Sunroad’s long-term vision on providing housing in a central San Diego market that had historically been overlooked is a testimony to their understanding of what the San Diego housing market needs,” Cole said.

Earlier this year, the deal team also arranged $145 million in construction financing on behalf of Sunroad Enterprises for the development of Vive LUX, a 442-unit, Class A apartment project within the Centrum Master Plan that is located adjacent to Ariva and Vive.