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JLL Closes the Loop with Permanent Financing on Little Italy Apartments
JLL Capital Markets arranged $33 million in permanent financing for the Cielo Apartments, a 70-unit, Class A, mid-rise multifamily property in San Diego’s Little Italy neighborhood. The JLL Capital Markets team representing the borrower was led by senior managing director Jeff Sause, director Christopher Collins and associate Chad Morgan.
JLL worked on behalf of Built Development to secure financing through a correspondent life insurance company. In 2014, the sponsor acquired the land. Then, upon receiving entitlements, the sponsor broke ground in 2018 and completed the property in January 2021. The loan will be used to pay off the borrower’s existing bridge loan that JLL placed last year.
“Our team was fortunate enough to be involved in the construction, bridge and permanent loan for this phenomenal apartment project that Etan and Ariel built, and we are happy they are able to keep it long-term in their portfolio,” said Sause.
- ◦Financing




