San Diego Community Gets $145M in Financing
- Apr 26, 2019
Sunroad Enterprises has secured $145 million in construction financing for the final phase of its 442-unit residential community in San Diego.
Centrum Apartments Phase 6 will consist of a mix of studio, one-, two- and three-bedroom units with an average size of 895 square feet. The three-story Class A property will house a parking garage as well as a pool and spa, sky deck with grills and lounge space, fitness center, club room with billiards tables, wine room, business center and pet grooming space.
The property is located on 4.5 acres at the corner of Kearny Villa Road and Lightwave Avenue in the Kearny Mesa neighborhood. The project is slated to be complete in late 2020. The community is the final component of the 40-acre, master-planned community Sunroad Centrum, which will include 1,622 units along with 856,000 square feet of commercial office space.
An HFF debt placement team of Senior Managing Directors Aldon Cole and Tim Wright along with Associate Bharat Madan arranged the floating-rate construction loan through PCCP, LLC.
“This sixth and final phase within the Centrum master plan will complete the transformation of this project that has been in the works for nearly 20 years,” said Cole, in prepared remarks. “The Centrum residential market is one of the most highly amenitized in the country. The area’s short commutes to surrounding employment centers and proximity to retail only serves to enrich residents’ quality of life even further.”
Earlier this year, Sunroad secured $165 million in refinancing for two San Diego communities that are part of the Sunroad Centrum development—the 302-unit Vive on the Park and the 253-unit Ariva.