San Diego Workforce Housing Portfolio Grabs $59M Refi

Union Bank provided the 10-year, fixed-rate loan for the five recently renovated communities.

Asana at North Park

A partnership between Real Asymmetry and Constellation Realty Management has secured a $58.5 million refinancing package for a five-property, 328-unit multifamily portfolio in San Diego. JLL Capital Markets negotiated on behalf of the borrower to broker the 10-year, fixed-rate mortgage from Union Bank. The new note retires the assets’ prior loans at a lower rate and features an initial interest-only period. 

The owner had purchased the largest of the five communities, the 132-unit Asana at North Park, in late 2017 for $32.3 million from New Standard Equities, Yardi Matrix data shows. The new financing pays down the $24 million loan taken from Colony Capital at the time of the sale. The other properties include:

  • Pacific Cove at 4019 Oakcrest Drive
  • Tierra Del Rey at 3675 King St.
  • Tiburon at 7740 Parkway Drive
  • 14th Street at 1028 14th St.

The workforce housing communities were built between 1976 and 1987, and all have recently updated units. The portfolio was 96 percent occupied when the financing closed.

JLL Senior Director Zane Sweet facilitated the loan. Last year, another of the brokerage’s teams arranged a $222.5 million mortgage for two Class A communities in San Diego.

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