JLL Capital Markets announced that it has arranged the $10.75 million refinancing of Chateau Spring Terrace, a 56-unit multihousing community located in La Mesa, California.
JLL worked on behalf of the borrower, Universe Holdings, to secure the ten-year, fixed rate loan through Mechanics Bank.
This closing marks JLL’s 12th financing on behalf of Universe Holding bringing the total loan amounts to $142M YTD. This legacy portfolio of 727-units is spread across Southern-California from San Diego to Ventura.
“These refinances have added approximately $35 million of new equity, which Universe will strategically deploy across the country in the next four months.” said Henry Manoucheri, CEO and Chairman of Universe Holdings. “Our execution was perfect in terms of timing at below market 10-year rates, right before the sudden rise in treasuries. It is all about timing, and a well-known reputation in the market for the last 29 years.”
Built in 1969, Chateau Spring Terrace features one-, two- and three-bedroom units with patios and balconies, efficient appliances, large closets, hardwood floors and spacious floorplans. Community amenities include a fitness center, a laundry facility, on-site maintenance and management, and a pool.
Situated at 4242 Spring St., Chateau Spring Terrace is proximate to downtown La Mesa, San Diego State University (SDSU), the trolley station and the I-8, 125 and 94 freeways. The property is located in the East San Diego submarket, which is the largest concentration of apartment inventory in San Diego and one of the most populated areas in the metro. Vacancy has remained below 3 percent in the past five years. Rent growth across the entirety of the submarket sits at 8.2 percent.
The JLL Capital Markets Debt Advisory team in these transactions includes Senior Managing Director Charles Halladay, Director Jonah Aelyon, Analyst Jolie Zhou and Analyst Elle Miraglia.
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.