San Diego Communities Land $223M Refi

Vive on the Park. Image courtesy of JLL

San Diego-based real estate firm Sunroad Enterprises has secured a $222.5 million refinancing loan for two multifamily properties in the city’s Kearny Mesa submarket. The Class A properties—Ariva Apartments and Vive on the Park—total 803 units and are located within the 232-acre Centrum master-planned community.

The 10-year, fixed-rate loan was arranged by a JLL Capital Markets team of Aldon Cole, Tim Wright and Bharat Madan. Earlier this year, the same JLL team arranged a $145 million in construction financing for Sunroad for the development of Vive LUX, a 442-unit residential community within the same Centrum master plan.

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Vive on the Park is a 550-unit residential community that was built in two phases between 2017 and 2019. The five-story property offers a mix of studio, one-, two- and three-bedroom units and features resident amenities including a swimming pool, spa, fitness center, business center, sand fire pits and deck, clubroom, game room, social club and onsite storage.

Built in 2014, Ariva Apartments comprises 253 units spread across two podium-style buildings, each positioned above a parking garage. The property offers a mix of studio, one- and two-bedroom units and features resident amenities including a recreation room, exercise room, game room, learning center, swimming pool and spa, outdoor showers, private cabanas, barbecue areas, a pool deck, fire pit and waterfall.

San Diego’s multifamily market has continued to benefit from growing industries in the metro, including biotech, defense and professional and business services, according to a recent Yardi Matrix report. Restrictions on development in the city have kept the supply of multifamily limited, which has led to higher rents as demand grows. In May, Mission Gorge Investors purchased a 374-unit community in the Grantville neighborhood of San Diego for $149 million.