SAN DIEGO, CA – JLL announces it has arranged a $222.5 million refinancing on behalf of Sunroad Enterprises for two, Class A multi-housing properties totaling 803 units within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket.
JLL worked on behalf of the borrower, Sunroad Enterprises, to arrange the 10-year, fixed-rate loan.
The portfolio comprises the newest apartment developments in the Kearny Mesa submarket, Ariva Apartments and Vive on the Park. The properties are proximate to SR-163 (Cabrillo Freeway) and Interstate 15. The 253-unit Ariva was completed in 2014 and consists of two podium-style buildings, each with four stories over a two-story podium garage and separated by a two-acre park. The studio, one- and two-bedroom units range in size from 595 to 1,241 square feet and feature quartz countertops; hardwood cabinetry with decorator pulls; stainless steel GE appliance packages that include gas ranges; wood-planked laminate flooring; full-sized, in-unit, front-load washers and dryers; and nine-foot ceilings. Community amenities include a recreation room, exercise room, game room, learning center, outdoor pool and spa, outdoor showers, private cabanas, barbeque areas, pool deck, fire pit and waterfall.
Vive is a 550-unit, mid-rise apartment complex consisting of five stories that house a variety of studio, one-, two- and three-bedroom units. Constructed in two phases in 2017 and 2019, units feature slate appliances, five-burner gas ranges, tiled backsplash, stone countertops, wood-plank style flooring, front-loading washers and dryers, and spacious walk-in closets. Vive’s amenity package includes a variety of lifestyle and entertainment options such as rooftop lounges with a pool and spa, multi-level fitness center, business center, sand fire pits and wooded elevated deck, clubroom, game room, social club and onsite storage.
The JLL Capital Markets team representing Sunroad was led by senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan.
“Sunroad’s long-term vision on providing housing in a central San Diego market that had historically been overlooked is a testimony to their understanding of what the San Diego housing market needs,” Cole said.
Earlier this year, the deal team also arranged $145 million in construction financing on behalf of Sunroad Enterprises for the development of Vive LUX, a 442-unit, Class A apartment project within the Centrum Master Plan that is located adjacent to Ariva and Vive.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA Real Estate License No. 01223413.
About Sunroad Enterprises: Sunroad Enterprises is a diversified and experienced holding company. Founded in 1977 in San Diego, Sunroad consists of two distinct divisions: Real Estate and Automotive. The company has built over three million square feet of Class A office space, in addition to the 600-slip Sunroad Resort Marina, nearly 4,000 multifamily units owned or under construction, and Maderas Golf Club, recently ranked by Golf Digest as a top 100 Golf Course. Sunroad also owns Island Prime, C-Level, and Coasterra restaurants on Harbor Island. Sunroad Enterprises has been involved in projects in California, Colorado, Nevada, Arizona, Washington and Mexico, and has earned numerous quality commendations from local, regional and national organizations. On the auto side, Sunroad currently owns and manages 17 car dealerships in Mexico and the U.S., with annual vehicle sales in excess of 30,000 cars sold and over 200,000 customers choosing Sunroad for service. Sunroad is proud to have won, amongst others, the Ford Triple Crown Award, Honda Presidents Award, Subaru Stellar Performer and BMW Center of Excellence Award.
About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.