Diamond Realty JV Secures $149M for San Diego Tower
Affinius Capital originated the refinancing loan.
Affinius Capital has issued a $148.5 million note to refinance 800 Broadway, a Class A, 389-unit tower in downtown San Diego. A joint venture between Diamond Realty Investments and CA Ventures owns the property, as reported by What Now San Diego.
Northmarq arranged the financing, which took the form of a three-year bridge loan including a spread reduction tied to an occupancy threshold.
Sumitomo Mitsui Bank provided a construction loan amounting to $112.5 million in 2021, public records show. San Diego Housing Commission issued additional debt that same year, according to Yardi Matrix data. Site work began shortly thereafter, and the community came online last month.
Designed by JWDA Architects, the tower rises 40 levels in San Diego’s East Village neighborhood, about 1 mile from Toll Brothers and PGIM Real Estate’s The Lindley, a 37-story property that also debuted last month.
Floorplans encompass studio and one- to three-bedroom layouts—including penthouse options—that range from 415 to 1,853 square feet. What’s more, 33 of the apartments are income-restricted.
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Unit amenities at the LEED Gold-certified property comprise private patios or balconies, 9-foot ceilings and quartz countertops, among others. Common area features include 4,830 square feet of commercial space, coworking spaces, a gym and a swimming pool on the rooftop.
Northmarq Senior Vice President James Currell, together with Managing Directors Joel Heikenfeld and Barry Gersten, arranged the financing.
Affinius capitalizing on the debt market’s demand
This deal marked the first transaction between Affinius and Diamond Realty Investments, according to a company statement. The real estate investment firm has $64 billion in gross assets under management.
At a time when traditional lenders withdrew from complex situations, an opportunity arises for alternative lenders to capitalize on the commercial sector’s robust demand. Just earlier this month, Affinius issued a $215 million construction note for a 311-unit project in Manhattan.
San Diego’s assorted multifamily investment scene
The multifamily transaction volume in metro San Diego stood at nearly $612.9 million during the first three months of 2025, according to Yardi Matrix data. This marked a staggering 209.5 percent increase year-over-year, but also a 42.9 percent decline quarter-over-quarter.
Among the traded properties was Park 12 Apartments, a 718-unit tower in the downtown area. Greystar sold the asset for $309 million in the then-largest San Diego transaction since 2020.
