A joint venture of LLJ Ventures and Orion Pacific Investments LLC has received a $54 million construction loan to develop Persea, a 305-unit garden-style community in Vista, Calif.
“Persea will become a part of the fabric of Vista, and a place to call home of which we can all be proud,” Jeremy Meredith, Orion Pacific’s managing partner, told Multi-Housing News. “It was crucial to our team that we work with the Vista community to create a vision for Persea that respects its agricultural history while paying homage to the Vista of today: a burgeoning craft‐brewing destination, a knowledge economy and an arts community with an entrepreneurial ethos that makes Vista the jewel of San Diego County.”
HFF’s debt placement team of Senior Director Patrick Burger and Senior Associate Olga Walsh facilitated the construction loan with Bank OZK.
“Securing large tracts of undeveloped land appropriate for development in the heart of any city—let alone a growing infill community like Vista—is a little bit like searching for a for a needle in a haystack. It can be a hard process, but well worth the effort,” Meredith said. “Orion Pacific led negotiations with five sellers to secure over 10‐acres of undeveloped land with by‐right zoning for a multifamily development. The combination of the infill location, construction type, moderate leverage, and sponsorship made the project appealing to lenders.”
Located at 1333 North Santa Fe Ave. in North County San Diego, the three-story garden-style apartment community will offer studio, one‐ and two‐bedroom units averaging nearly 900 square feet.
Residents will have access to a clubhouse and game room; a sports simulator; a resort‐style pool with cabanas, fire pits and grills; a multi‐level, indoor/outdoor gym and yoga studio; a maker’s room for budding artisans; a roof deck with a craft beer lounge; and access to “The Shed” with free paddle boards, surfboards, camping equipment, and bikes for residents.
Persea is in the heart of Vista with connections to Carlsbad, Oceanside and San Diego beaches and employment centers.
“Residents can walk next door to restaurants and a grocery store as well as to two Sprinter light rail stations,” Meredith said. “They will also have easy access to State Route 78, which connects to the 5 and 15 Freeways.”
Housing in Demand
A study published this summer for the San Diego Regional Chamber of Commerce estimated that demand for new housing between 2012 and 2018 is over 85,000 new units, but only 20,103 have been built.
“The national housing crisis is amplified in California and is especially critical in San Diego County,” Meredith said. “Persea will provide homes for people looking for a safe, vibrant, and walkable community to call home.”
Earlier this month, HFF secured a $22 million loan for Oak Coast Properties to acquire the Berkeley at Regis, a 127-unit community in Denver.
Rendering courtesy of HFF