Radian, a 241-unit Class A multifamily property in downtown San Diego, has been refinanced with a new loan for $98 million. The property, located at 675 Ninth Avenue, just east of the city’s popular Gaslamp Quarter, is owned by a partnership between Cisterra Development and Spruce Capital Group.
Radian is a LEED Gold-certified property featuring a mix of one-, two-, and three-bedroom units, including five penthouses. The building includes a two-story ground-floor retail area and offers a range of amenities, including a rooftop pool and spa with views of Petco Park, downtown and the San Diego Bay.
“Radian exemplifies the next generation of urban living in San Diego,” said McGovern. “Its location, luxury finishes, and amenity-rich environment have made it a standout in the market. Radian has a walk score of 99 and proximity to public transportation. This refinancing positions the asset for long-term success as downtown San Diego continues to thrive.”
With a mix of one-, two-, and three-bedroom units, including five penthouses, Radian includes a two-story ground-floor retail area and offers a range of amenities, including a rooftop pool and spa with views of Petco Park, downtown and the San Diego Bay.
Spruce Capital Partners, the parent company of S3 Capital and Spruce Properties, is a privately held, New York-based real estate investment firm founded by Robert Schwartz and Joshua Crane in 2007. The firm owns, operates, invests in, and lends across real estate and real estate-related opportunities, with a primary focus on achieving superior risk-adjusted returns. S3 Capital was created to fill the gap in institutional-quality, middle-market construction lending in NYC, while Spruce Properties is a vertically integrated real estate firm focused on the acquisition, repositioning, and asset management of multi-family housing assets nationally.
Founded in 1999, Cisterra has since developed over 15 million square feet of inspiring projects for the world’s most innovative companies.
