$13.1 million in refinancing secured for San Diego multihousing project

JLL Capital Markets arranged the construction take-out loan for the 54-unit Blend-SD in San Diego, California

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Blend-SD
JLL arranged $13.1 million in the permanent refinance of Blend-SD, a 54-unit, urban-coastal multihousing community located in San Diego, California.

JLL Capital Markets announced that it has arranged $13.1 million in the permanent refinance of Blend-SD, a 54-unit, urban-coastal multihousing community located in the Linda Vista neighborhood of San Diego, California.

JLL represented the borrower, Tailored Properties and The Niki Group, to secure a non-recourse, 10-year, 2.8-percent, fixed-rate permanent loan with five years interest-only through JLL’s exclusive correspondent relationship with a major life insurance company. JLL selected this lender due to their ability to provide competitive proceeds, excellent loan terms, as well as early rate lock pre-CofO to alleviate any interest rate risk.

Built in 2021, Blend-SD consists of studios and one-bedroom units with stainless steel appliances, quartz countertops, smart thermostats, ample closet storage, oversized bathrooms with walk-in linen closet, vaulted ceilings, in-unit laundry and private patios. Community amenities include ocean views, a gated parking garage, outdoor recreation centers and surfboard and bike storage rooms.

Located at 5585 Mildred St., the property offers convenient access to the I-5 and I-8, as well as State Route 163, and is within walking distance to public transit and commuter rail stops. Residents are close to hiking trails at Tecolote Canyon Natural Park and Nature Center and waterfront parks at Fiesta Island Park and Ski Beach Park. Nearby universities include University of California San Diego, University of San Diego and San Diego State University. Additionally, the community is proximate to San Diego Zoo, Fashion Valley, Riverwalk Golf Club and Mission Bay Park.

The JLL Capital Markets Advisory Team representing the borrower was led by Director Olga Walsh and Analyst Bharat Madan.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.