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6/29/17
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CBRE Capital Markets’ Debt & Structured Finance team has arranged a $84.9 mil loan on behalf of MG Properties, for the financing of Alexan Melrose, a Class A multifamily complex in Vista. MG just acquired the 410-unit asset from a Trammell Crow Residential joint venture for $134 mil, as reported by RENTV a week ago.
Alexan Melrose, located at 1401 North Melrose Drive, was built in 2015 and is 94% leased. The 403.8k sf, three-story, garden-style property has a mix of one-, two- and three-bedroom layouts, averaging 985 sf in size. There are five floor plans which include quartz countertops, hardwood-style flooring, washer and dryer in each home and assigned garages.
The common amenities include two clubhouses, resort-style pool and spa with cabanas and fire pits, eight courtyards, each outfitted with a gas grill, a business center, a fitness facility with a kids’ entertainment suite and a dog park with a washing station.
The property is situated centrally in North County and is within two miles of SR-78 and within five minutes to Downtown Vista Village.
CBRE’s Scott Peterson, Bill Chiles, and Brian Cruz secured an aggressive ten-year, fixed rate loan with full interest only through Freddie Mac. MG Properties Group a private San Diego-based real estate investor and operator plans to rebrand the property as the Preserve at Melrose Apartments.
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