SAN DIEGO, CA – HFF announces construction financing and joint venture equity for the development of Persea, a 305-unit, garden-style multi-housing community the San Diego-area city of Vista, California.
The HFF team arranged the joint venture partnership between LLJ Ventures and Orion Pacific Investments, LLC and secured a $54 million construction loan with Bank OZK.
Persea is located at 1333 North Santa Fe Avenue in the heart of North County San Diego. The property has superior connectivity to the surrounding communities of Carlsbad, Oceanside, San Marcos, Camp Pendleton and Escondido, as well as downtown San Diego, via direct access to State Route 78, which connects to the 5 and 15 Freeways. Additionally, the transit-oriented community is within walking distance of two Sprinter light rail stations. Persea is served by a variety of neighborhood retail and grocer amenities located at Downtown Vista Village and Del Oro Marketplace, among others. Upon completion, Persea will feature three-story garden apartment buildings with studio, one- and two-bedroom units. Planned community amenities include a clubhouse and game room; a resort-style pool with cabanas, fire pits and gas bbq grills; cabana-style lounge; two-level gym with an outdoor component; a group-fitness and yoga studio; and a roof deck and lounge.
“We are excited to build a community in Vista that respects the city’s rich history, while also paying homage to the Vista of today - a burgeoning craft-brewing culture, a knowledge economy, an arts community and an entrepreneurial ethos that makes Vista the jewel of North County,” said Jeremy Meredith, Managing Partner, Orion Pacific.
“We are grateful for HFF’s leadership, expertise, and access to capital that brings together best-in-class financial sources including LLJ Ventures and Bank OZK.”
“Given San Diego’s housing deficit, and Vista’s flourishing population, we look forward to creating an environment that results in rich and authentic experiences for residents,” said Leonardo Simpser, Managing Director, LLJ Ventures. “Persea will accomplish this by having the best amenities in the market and by curating activities around them that build community and create priceless memories.”
The HFF debt placement team representing the borrower included senior director Patrick Burger and senior associate Olga Walsh.
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About LLJ Ventures: LLJ Ventures is the private equity arm of the LM Group, which was founded in 1983 in San Diego, California. Today, the group manages more than $7 billion of assets in its three divisions: LM Capital (institutional fixed income), LM Advisors (high net worth families) and LLJ Ventures (Private Equity with a Real Estate Focus). LLJ’s underpinning investment philosophy is to provide investors with attractive risk-adjusted returns. Out of that core philosophy stems the fact that LLJ Ventures is asset class and market agnostic. LLJ Ventures has been involved in real estate projects in excess of $2 billion, spanning Multi-family, Office, Retail, Hospitality, Self-Storage and Land. For more information, visit lljventures.com.
About Orion Pacific: Orion Pacific specializes in developing vertically-integrated mixed-use, including multifamily, retail, multifamily, office, and medical properties. The firm creates authentic experiences through places that build memories and enrich people’s lives. It creates value for partners-both private and public- by developing places where communities and businesses can thrive. For more information, visit orionpac.com.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.