Standard Communities Refinances San Diego Affordable Asset

Hunt Real Estate Capital provided nearly $21 million through the FHA 223(a)(7) loan program.
Rio Vista Apartments

Standard Communities, the affordable and workforce housing division of Standard Cos., has received a $20.8 million FHA loan to refinance Rio Vista Apartments, a 161-unit affordable community in San Diego’s district of San Ysidro. Hunt Real Estate Capital provided the 35-year financing which funds an existing FHA 223(f) loan the borrower obtained in 2014, according to Yardi Matrix.

Situated on almost 10 acres at 1190 W. San Ysidro Blvd., Rio Vista Apartments consists of 12 two-story buildings completed in 1985. The community’s mix of two- and three-bedroom floorplans averages 861 square feet, Yardi Matrix shows. Amenities include a playground, basketball court, swimming pool and community whirlpool. The Class C property was 99 occupied at the time of the refinancing, per Hunt Real Estate Capital information.

The community is 15 miles south of downtown San Diego, close to Interstate 5. There are several bus and light rail stations within walking distance, allowing for an easy commute. Las Americas Premium Outlets is roughly 2 miles southeast of the property.

According to Hunt Real Estate Capital, Standard Cos. owns more than 12,000 apartment units across 15 states, of which more than 8,800 are affordable. The portfolio includes two properties in Fairfield, Calif., which the firm purchased in June.