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3/29/18
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Clear Sky Capital Inc has obtained a $27.8 mil loan to finance its recent acquisition of a three-property multifamily portfolio in Escondido. The financing was arranged by Meridian Capital Group.
The Clear Sky Capital portfolio contains 193 units and offers a mix of studio, one-, two-, and three-bedroom apartments. The Grand Villa, Tanglewood, and Garden View are located in one of San Diego County’s oldest cities and are in close proximity to each other, as well as major transportation routes, including the I-15 Expwy, the Escondido Fwy, and San Pasqual Valley Rd.
All three properties are ideally situated near restaurants, cafes, and shopping centers, providing residents a vibrant arts and cultural scene in Escondido. Or, 30 milesto the south are Downtown San Diego’s bars, night clubs, upscale dining, and entertainment.
The three-year initial loan term, provided by a balance sheet lender, features full-term interest-only payments with two one-year extension options. This transaction was negotiated by Meridian’s Seth Grossman and Sarah Kuebler, who are both based in the company’s San Diego office.
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