JPI Scores $136M Loan for CA Apartments
- Nov 14, 2017
JPI has secured a $136 million loan for Jefferson Platinum Triangle, a new 400-unit apartment property in Anaheim, Calif.
The loan was originated by Square Mile Capital Management LLC and will be used to repay JPI’s existing construction financing and bridge through stabilization of the property.
“Jefferson Platinum Triangle is located in the heart of Anaheim’s Platinum Triangle District, which is achieving the city’s goal of becoming the new downtown of Orange County,” Heidi Mather, JPI’s senior vice president and development partner for the Western region, told MHN. “The vision that the city had for this area: encouraging private, multi-use development centered around public transit to create a vibrant 24-hour community, is an effort worthy of investment for the long term. Additionally, JPI works with visionary designers and architects to incorporate amenities that build a community atmosphere.”
JPI recently finished the property’s four buildings and is close to completing the community.
“Without exception, every community JPI builds ensures that we maximize success through innovative yet prudent investments,” Mather said. “Jefferson Platinum Triangle is doing just that. Leasing is robust, and a testament to our commitment to create communities that meet the demands of a modern lifestyle. JPI strongly believes in building public/private relationships that stand the test of time.”
Located at 1781 S Campton Ave., Jefferson Platinum Triangle will feature 400 units, with a mix of studios and one-, two- and three-bedroom floor plans. Amenities include two clubrooms, two outdoor kitchens, a fitness gym with a yoga studio, two resort-style pools with spas, a media room, a dog wash station and an adjacent community park. The community also has 730 parking spaces.
The property is situated in the Platinum Triangle, an 840-acre district within Anaheim flush with numerous transportation options, retail, jobs and entertainment venues, including the Los Angeles Angles of Anaheim, the Anaheim Ducks, Disneyland’s Downtown Disney and Adventure Parks, Kaiser Foundation Hospital, and Anaheim Memorial Medical Center, employing thousands of Orange County residents.
“Yet another asset of building in Platinum Triangle is its proximity, and the city’s forward-thinking vision, to create transit-oriented communities; in this case, Anaheim’s Regional Transportation Intermodal Center (ARTIC), in the heart of Platinum Triangle,” Mather said.
According to JPI’s due diligence, and as reported by the Orange County Register, the number of renters has been soaring since the housing bubble burst in 2007.
“Almost half of all Southern California households are renters. As a result, demand is up, and vacancies fell to 3 percent, studies have found,” Mather said. “In the case of JPI’s Jefferson Platinum Triangle, the City of Anaheim’s foresight and well-planned vision for Platinum Triangle has created its own demand, as evidenced by the current leasing activity at Jefferson Platinum Triangle.”
JPI has a portfolio of more than 331 projects, representing more than 99,000 units located in 140 cities covering 27 states and Canada. Combined, these units are valued at more than $13.2 billion. In California and Arizona, the company has previously developed and sold 28 multifamily properties at a total cost of approximately $1.6 billion.