Dinerstein Cos. Lands $78M Refi for San Diego Community
Barings provided the refinancing loan for the recently-completed Mission Valley property.
Dinerstein Cos. recently financed the Atlas Mesa project in the Phoenix area. Image courtesy of The Dinerstein Cos.
Dinerstein Cos. has secured a $78 million refinancing backing a recently delivered community in San Diego. JLL advised on the financing, which was provided by Barings. The Townsend community in San Diego’s Mission Valley neighborhood was previously financed with a $62.3 million construction loan in 2020 that was provided by Wells Fargo, according to Yardi Matrix data.
The developer completed The Townsend in 2022, delivering a 277-unit community with studio and one- and two-bedroom units ranging from 478 to 1,257 square feet and live/work units that go up to 1,564 square feet in size, according to Yardi Matrix data. The units were built with key fob entry, stainless steel appliances, ceiling fans, and full-size washers and dryers, while select units also have oversized bathtubs with separate tile showers and a patio or balcony. The community’s amenities include a two-story fitness center, pool deck with spa, resident clubhouse, game room, coworking space, outdoor courtyard, pet park, kids lounge, three rooftop sky decks, bicycle storage and package lockers.
The Townsend was also built with 3,600 square feet of commercial space and 6,000 square feet of retail space. Dinerstein Cos. earned LEED Gold certification with the community, which is 84.8 percent occupied, according to Yardi Matrix data.
Located at 5075 Camino De La Siesta, the community is within walking distance to the Park Valley Center shopping mall, Trader Joe’s, Target and Best Buy locations, as well as other restaurants and retailers. Residents are also located between two stops of the MTS’ Green Line Trolley and near the interchange between Interstates 8 and 805.
West Coast expansion
Besides The Townsend, Dinerstein Cos. has three other communities in its San Diego multifamily portfolio. Overall, the developer has completed more than 75,000 units and 44,000 student housing beds across 26 states, with its portfolio totaling more than $3.5 billion in assets under management.
The Houston-based developer has been active in the Arizona market and is working with PCCP to deliver the 394-unit Atlas Mesa in Mesa, Ariz. The joint venture broke ground on the apartment community in July 2023 and later landed a $85.1 million construction loan in December of that year. More recently, Dinerstein Cos. and its joint venture partner Harrison Street sold The Parker, a 484-bed student housing community near the University of Arizona in Tucson, Ariz.
