F&F Lands $30M Fannie Mae Loan to Refinance San Diego Apartments

KeyBank Real Estate Capital (KBREC) secured a $30.387-million fixed-rate Fannie Mae 10-year term, five years interest-only loan for F&F Properties to refinance Le Jaime Apartments in San Diego. Loan proceeds will be used to refinance outstanding KeyBank bridge debt.

Located near Pacific Beach, La Jolla and some of San Diego’s most vibrant neighborhoods, the 112-unit Le Jaime consists of 12 buildings on four complexes. Each complex has 28 units in a mix of studio, one-, two- and three-bedroom units, with sizes ranging from 300 to 1,085 square feet. Le Jaime also offers a total of 50 surface rental parking spaces.

F&F Properties invested $20.1 million to perform extensive capital improvements and to develop Accessory Dwelling Unit (ADU) housing. By leveraging current ADU and affordable housing incentives, F&F Properties expanded each complex by nine units.

John Petersen of KBREC’s Commercial Mortgage Group arranged the financing.

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KeyBank's Petersen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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