JLL Capital Markets announced that it has arranged $33 million in permanent financing for the Cielo Apartments, a 70-unit, Class A, mid-rise multihousing property located in the Little Italy neighborhood of San Diego, California.
JLL worked on behalf of the borrower, Built Development, to secure the financing through a correspondent life insurance company. In 2014, the sponsor acquired the land. Then, upon receiving entitlements, the sponsor broke ground in 2018 and completed the property in January 2021. The loan will be used to pay off the borrower’s existing bridge loan that JLL placed last year and provide cash out.
Cielo totals 63,500 rentable square feet and consists of 70 studio, one- and two-bedroom units. Standing eight stories high and built using Type 1 construction, the property features units with private balconies and terraces, in-unit washers and dryers, stainless steel appliances and modern finishes. Cielo’s community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations.
The property is located at 915 W. Grape St. in the desirable Little Italy neighborhood. Positioned in the heart of Downtown San Diego, Cielo is positioned in between the San Diego Airport, the San Diego Zoo, Waterfront Park and the USS Midway Museum. Additionally, Cielo is walkable to the ocean and various neighborhood amenities, boasting a Walk Score of 95, and allows direct vehicular access to the I-5 Freeway.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jeff Sause, Director Christopher Collins and Associate Chad Morgan.
“Our team was fortunate enough to be involved in the construction, bridge and permanent loan for this phenomenal apartment project that Etan and Ariel built, and we are happy they are able to keep it long-term in their portfolio,” said Sause.
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.