Barings Provides $78M Refi on Mission Valley Apartments

Barings said Tuesday that it had provided a $78-million loan to refinance The Townsend, a recently delivered, LEED Gold multifamily project located in the Mission Valley submarket of San Diego. JLL advised the sponsorship on the financing.

The Townsend was developed by The Dinerstein Companies in 2022 and is comprised of 277 apartment homes featuring refined interior finish packages and high-end onsite amenities. It is convenient to a large employer base as well as numerous retail and restaurant options.

“We are pleased to continue our partnership with The Dinerstein Companies for the refinancing of this high-quality multifamily asset located in a strong market with growing demographics and healthy underlying demand-supply metrics,” said Jack Cheng, managing director with Barings. “This investment is highly aligned with Barings’ core+ real estate strategy, which focuses on providing financing for high quality real estate in dynamic markets, backed by experienced sponsorship.”

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