JLL Capital Markets announced that it has arranged a $2.53 million refinancing for The Madison Apartments, a 12-unit, newly renovated multifamily community in San Diego, California.
Working on behalf of the borrower, Pace Properties, JLL placed the three-year, fixed-rate loan with a regional bank. The property is managed by The Mendes Company.
The Madison Apartments are located at 5074-5084 Madison Avenue in the East County submarket, which is home to San Diego State University. This area offers nine trolley stops connecting the submarket to Downtown San Diego, Old Town and the UTC and UC San Diego areas.
The Madison Apartments are located in the charming neighborhood of Talmage- which has tons of fun neighborhood parades, block parties, and family gatherings! Talmadge was established in 1925 and is a historic neighborhood in the heart of San Diego’s Mid-City community. Talmadge is named after three Hollywood silent movie stars, Norma, Natalie, and Constance Talmadge. Originally it included the area of Kensington, but it is now known to locals as “Ken-Tal”, as they share the monthly publication “Ken-Tal News.” This suburb-like neighborhood has fun community events like Food Trucks Nights in the Summer and an annual Block Party in October. Drive around Talmadge and you will see the historically restored black Talmadge gates and Talmadge Circle, a charming turnabout, at the heart of Talmage.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Chris Collins and Analyst Emily Pohlman.
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 sales and 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.
