JLL Capital Markets announced that it has closed the $203 million construction takeout financing for Vive Luxe, a Class A, 442-unit, multihousing community in the Kearny Mesa submarket of San Diego, California.
JLL represented the borrower, Sunroad Enterprises, to secure the five-year bridge loan.
Built in 2022, Vive Luxe offers studio, one-, two- and three-bedrooms units with fully equipped gourmet kitchens, top-of-the-line stainless steel appliances, distinctive wood-style flooring, quartz countertops and open-concept living spaces. Additionally, the common areas include a pool clubroom, resort-inspired pool and spa, 24-hour fitness center, a resident wine lounge and a sky deck and ocean lounge.
Situated at 4890 Sunroad Centrum Ln., the property offers residents convenient highway accessibility with CA-163, I-805, CA-52 and I-163 less than four miles away. In addition to Kearny Mesa, the property is also proximate to other major employment centers, such as the University Towne Center/La, Sorrento Valley/Sorrento Mesa, Mission Valley and downtown San Diego. Residents benefit from the nearby Montgomery Field airport and the San Diego International Airport.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Aldon Cole and Tim Wright, Associate Bharat Madan and Analyst Mariah Feghali.
“This financing concludes the final capitalization on one of the most high profile, infill developments in San Diego’s recent history,” said Cole. “The debt market aggressively pursued the opportunity and held terms through a volatile time in the market, which emphasizes the long-term, irreplaceable nature of this marquis development.”
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.