San Diego Multifamily Wrap-Up – July 2020

Ryan Cos. completes senior community. Tower 16 Capital hires portfolio manager. Read our July selection of San Diego must-knows.
Silvergate Rancho Bernardo. Image courtesy of Ryan Cos.

Despite an acceleration in COVID-19 diagnoses, San Diego’s multifamily sector did not grind to a halt in July. Development activity maintained a steady pace and lenders continued to move forward with new originations.

California’s eviction moratorium guidelines, initially set to expire at the end of June, were extended through September 30, and San Diego City Council followed suit with a ban on non-payment evictions during this period. Additionally, local authorities voted to extend a rent payment grace period through the end of the year, according to The San Diego Union-Tribune. Catch up on our July list of San Diego must-reads:

1. DEVELOPMENT – Ryan Cos. delivers senior housing community.

The developer finished construction of AmeriCare Health & Retirement’s third senior living development, the 182-unit Silvergate Rancho Bernardo. The unit mix includes 108 apartments, 48 memory care units, 20 cottages and six penthouses which were 90 percent preleased. Amenities include a spa, pool, gym and media center. Situated on 10 acres at 16061 Avenida Venusto, the property is 21 miles north of downtown San Diego.

2. FINANCING – NorthMarq secures Fannie Mae loan for 132-unit community.

The firm’s Gardiner Champlin and Marty Meagher facilitated a 10-year, $8.5 million loan for Stoneridge Apartments, according to RENTV. The CMBS note has a 3.1 percent fixed interest rate and interest-only terms, Yardi Matrix shows. Located on 5 acres at 12840 Mapleview St., the property encompasses eight two-story buildings completed in 1986. The community has two-bedroom apartments and amenities including five laundry facilities and a swimming pool.

3. PEOPLE – Tower 16 Capital welcomes new asset manager.

The company hired Joe Anfuso to manage its multifamily portfolio in the Southwest. The firm’s seven properties in the region total 2,000 units and are valued at $250 million. Anfuso brings 15 years of experience to his new role. He also held positions at Presidio Residential Capital, TriPacific Capital Advisors and Chelsea Investment Corp. Anfuso holds a bachelor’s degree in business administration from Northern Arizona University and a master’s degree in real estate from the University of San Diego.