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11/18/22
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Universe Holdings has secured a $10.75 mil refi loan on Chateau Spring Terrace, a 56-unit multi-housing community located in La Mesa. The ten-year, fixed rate loan was arranged by Charles Halladay, Jonah Aelyon, Jolie Zhou and Elle Miraglia with JLL Capital Markets and funded through Mechanics Bank.
Built in 1969, Chateau Spring Terrace features one-, two- and three-bedroom units with patios and balconies, efficient appliances, large closets, hardwood floors and spacious floorplans. Community amenities include a fitness center, a laundry facility, on-site maintenance and management, and a pool.
Situated at 4242 Spring St, Chateau Spring Terrace is proximate to downtown La Mesa, San Diego State University (SDSU), the trolley station and the I-8, 125 and 94 freeways. The property is located in the East San Diego submarket, which is the largest concentration of apartment inventory in San Diego and one of the most populated areas in the metro. Vacancy has remained below 3% in the past five years. Rent growth across the entirety of the submarket sits at 8.2%.
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