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December 3, 2023
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San Diego Res Portfolio Refinanced with $58.5 Mil Loan


Real Asymmetry has landed $58.5 mil in refi money on a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego.

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 consists of: Asana at North Park at 3710-3810 Wabash Ave; Pacific Cove at 4019 Oakcrest Dr; Tierra Del Rey at 3675 King St; Tiburon at 7740 Parkway Dr; and 14th Street at 1028 14th St. The portfolio’s average occupancy at closing was 96%.

Zane Sweet with JLL Capital Markets arranged the 10-year, fixed-rate loan, which was funded 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.

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