JLL Capital Markets has successfully arranged a $188 million loan for Vive Luxe, a premier apartment community in San Diego consisting of 442 units. The borrower, Sunroad Enterprises, was represented by JLL’s senior managing directors Aldon Cole and Tim Wright and vice president Bharat Madan. The five-year fixed-rate loan was secured from accounts managed by KKR.
Vive Luxe is located at 4890 Sunroad Centrum Ln. in the highly desirable Kearny Mesa submarket of San Diego. According to JLL, the property has maintained an impressive occupancy rate of over 95%, demonstrating strong demand for housing in this area. Additionally, out of the total unit count at Vive Luxe, there are also 23 affordable units available.
Cole commented on securing financing for Vive Luxe: “This successful transaction highlights the confidence that capital markets have in both the long-term stability and growth potential of San Diego.” Despite market volatility and uncertainty this year due to COVID-19 impacts, Cole noted that with a strong sponsor like Sunroad Enterprises combined with an A+ Core asset quality exhibiting solid underlying fundamentals prevailed during negotiations.
Overall it was a positive outcome as JLL secured long-term financing through KKR for this exceptional asset which will continue to serve generations to come.
