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3/09/21
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Monarch Group has secured a take-out loan of $57.25 mil on Monarch Buena Vista, a newly constructed, 179-unit multifamily community in Vista. The financing, was provided by Square Mile Capital Management LLC and replaces the existing construction debt.
Located at 740 Paseo Buena Vista, the community consists of 14 residential buildings and is currently 60.9% leased. It is close to the I-78 employment corridor, which features a variety of medical, pharmaceutical, and diagnostic related jobs, while the beachfront at Carlsbad and Oceanside can be reached in under 20 minutes via SR-78.
Residents enjoy access to neighborhood amenities including three full-service grocers and walking trails. They also benefit from a variety of property-level amenities including a clubhouse with a lounge, a game room, an internet café, a golf simulator, a community kitchen, a fitness center, a pool complex, community courtyards, a playground, a bocce court, and direct access to the Vista Conservancy walking trail.
The property received its final Certificate of Occupancy in October 2020. The financing, which was arranged by Aldon Cole of JLL’s San Diego office, will be a bridge to stabilization.
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