Done Deals: JLL arranges $50 million financing for Pierside Apartments in Oceanside, CA

Thursday, December 12, 2019

JLL arranges $50 million financing for Pierside Apartments in Oceanside, CA

Olga Walsh

SAN DIEGO, CA, Dec. 12, 2019 – JLL announced it has arranged $50 million in financing for Pierside, a two-building, mixed-use property with 176 residential units and approximately 17,000 square feet of retail space in the coastal Southern California community of Oceanside.

JLL worked on behalf of the borrower to arrange the 10-year, fixed-rate loan with a life insurance company. Loan proceeds will be used to retire the existing construction loan, cover associated transaction costs, fund leasing costs for vacant retail space and return a portion of sponsor equity.

Pierside was constructed in two phases, Pierside North and Pierside South, that were completed in 2016 and 2018. Located in the heart of Oceanside along Mission Avenue, the property is steps from the Pacific Ocean and also less than one mile from Interstate 5.

Pierside North consists of 66 residential units and common area amenities, including a spa pool; outdoor grilling and dining areas; outdoor lounge with fire pit and games; resident clubhouse with TV’s and shuffleboard; fitness studio; outdoor fitness space with yoga area; and dog park.

Pierside North consists of 66 residential units and common area amenities, Oceanside, CA

Pierside South comprises 110 residential units and amenities, including a rooftop lounge with panoramic views; swimming pool overlooking the ocean; landscaped grilling and picnic areas; resident clubhouse with TV’s and pool table; vista lounge; movie lounge; fitness studio; yoga space; and surfboard storage. In addition, the properties have 421 parking spaces total, 264 of which are reserved for residents.