SAN DIEGO, CA – PCCP, LLC announced today it has provided a $145 million senior loan to Sunroad Enterprises for the development of Sunroad Centrum Phase 6, a seven-story, 442-unit, Class A multifamily development located in the Kearny Mesa neighborhood of San Diego, CA. The project will be the final phase of the 25-acre Centrum master plan which Sunroad Enterprises has successfully developed to include more than 800 multifamily units and one 11-story office tower. The financing was arranged by Senior Managing Directors Aldon Cole and Tim Wright and Associate Bharat Madan at HFF in San Diego.
“PCCP is pleased to provide this senior loan to Sunroad Enterprises, an experienced and proven developer in this market,” said Michael Johnson, senior vice president with PCCP. “The Kearny Mesa area is well located near a number of employment centers – this combined with the lack of available land for new development and the quality of the planned project – we see this project helping to meet the strong rental demand here.”
The project will feature a 4,200-square-foot two-level fitness center, pool and spa, rooftop bar with grill area and outdoor TVs, business center lounge and conference rooms, wine room with outdoor patio, game room, and pet grooming center. In addition to the amenities available onsite, the phase 6 residents will benefit from neighborhood amenities such as the City-owned community park at the center of the Sunroad Centrum development and new restaurants opening in the area. The Kearny Mesa neighborhood sits north of Mission Valley and is advantageously bounded by major freeways to the north, east, and west. Kearny Mesa has a central location within San Diego and is thus easily accessible from other residential clusters and employment centers throughout the region.
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $9.0 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $19 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Sunroad: 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 3,000,000 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 US, 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 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.