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| Zane Sweet |
NEWPORT BEACH, CA – JLL Capital Markets announced it has arranged $58.5 million in financing for a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego, California.
JLL worked exclusively on behalf of the borrower, Real Asymmetry, to arrange the 10-year, fixed-rate loan through Union Bank.
The loan proceeds were used to refinance existing bank debt at a much lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.
The loan proceeds were used to refinance existing bank debt at a much lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.
The properties in the portfolio are located in and around the East San Diego submarket, which is one of the fastest growing multi-housing markets in Greater San Diego.
The portfolio includes Asana at North Park at 3710-3810 Wabash Avenue; Pacific Cove at 4019 Oakcrest Drive; Tierra Del Rey at 3675 King Street; Tiburon at 7740 Parkway Drive; and 14th Street at 1028 14th Street. The portfolio’s average occupancy at closing was 96%.
The JLL Capital Markets team representing the borrower was led by Senior Director Zane Sweet.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Real Asymmetry:
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| Chris Honeycutt |
Real Asymmetry was formed in March 2013 by Chris Honeycutt in partnership with Constellation Realty Management to acquire and improve an eight-unit apartment building in the North Park submarket of San Diego, California.
Since then, the company has transacted a portfolio of improved and in-progress communities of approximately 1,000 units.
Real Asymmetry’s strategy is a simple one: Buy underperforming multifamily assets in high-demand areas at a great price and elevate them to their highest and best use through significant capital improvement.
Real Asymmetry’s strategy is a simple one: Buy underperforming multifamily assets in high-demand areas at a great price and elevate them to their highest and best use through significant capital improvement.
Contact:
Zane Sweet
JLL Senior Director
CA Lic.: #01786030
Phone: +1 949 885 2986
Olivia Hennessey
JLL Senior Associate
Public Relations
Phone: +1 713 852 3403
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