JLL Capital Markets has successfully arranged a $188 million loan for Vive Luxe, a premier 442-unit apartment community located in San Diego. The borrower, Sunroad Enterprises, was represented by JLL’s team of 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.
Situated at 4890 Sunroad Centrum Ln. in the highly desirable Kearny Mesa submarket, Vive Luxe boasts an impressive stabilized occupancy rate of over 95%, demonstrating the strong demand for housing in San Diego according to JLL. Additionally, the property includes 23 affordable units.
Cole stated that securing financing for Vive Luxe is a testament to the capital market’s confidence in long-term stability and growth within San Diego despite this year’s volatility and uncertainty. He also noted that thanks to its exceptional sponsor strength combined with an A+ Core asset quality exhibiting strong underlying fundamentals throughout these challenging times prevailed allowing them to secure this long-term solution from such a reputable lender on behalf of their client.
This transaction highlights KKR’s commitment towards providing financial support for top-quality assets like Vive Luxe as well as their belief in continued growth opportunities within San Diego’s real estate market.
