Sunroad Enterprises Lands $203M for San Diego Asset
The 442-unit community came online this year.
Sunroad Enterprises has landed $203 million in construction take-out financing for Vive Luxe, a 442-unit luxury community in San Diego. Working on behalf of the borrower, JLL secured the five-year bridge loan.
The current financing pays out two construction loans totaling $145.1 million that the developer took out from Pacific Coast Capital Partners in March 2019, Yardi Matrix data shows.
Completed this year, the Class A community comprises a five-story building with one-, two- and three-bedroom apartments ranging from 726 to 1,122 square feet, with stainless steel appliances, gourmet kitchens, quartz countertops and open-concept living spaces. Amenities include a swimming pool with clubroom and spa, fitness center, wine lounge, sky deck and ocean lounge. The property also includes 23 affordable units.
Situated on 5.1 acres at 4890 Sunroad Centrum Lane, in the Kearny Mesa submarket, Vive Luxe is some 9 miles north of downtown San Diego. Several retail, dining and entertainment options are within 1.5 miles of the property.
Sunroad Enterprises currently owns more than 8,800 units across seven states, according to Yardi Matrix data. Last year, the firm added to its Western portfolio with the $125 million purchase of a 383-unit community in Chandler, Ariz.
JLL Senior Managing Directors Aldon Cole and Tim Wright worked together with Associate Bharat Madan and Analyst Mariah Feghal in securing the financing. Cole mentioned, in prepared remarks, that the deal marked the final capitalization on one of the most high-profile developments in San Diego’s recent history.