California + San Diego + Finance | August 24, 2023

JLL Arranges Construction Take-Out for San Diego Multifamily

JLL Capital Markets arranged $28-million construction take-out financing for Casa Verde, a 94-unit urban infill apartment community located at 3066 North Park Way in the North Park neighborhood of San Diego. A Capital Markets Debt Advisory team led by director Olga Walsh and analyst Jack Wood represented the borrower, Champion Real Estate Investments, to secure the non-recourse floating-rate bridge loan.

The new loan retired a high-leverage construction loan, covered transaction costs and carry reserves and provided significant cash out to the sponsor, while allowing sufficient time for stabilization in anticipation of permanent financing.

“Our team ran a rigorous competitive process that attracted several robust bids, even amidst challenging market conditions,” said Walsh. “We advised our client through a number of unexpected challenges during closing, ultimately getting the deal across the finish line with minimal alterations to the agreed-upon terms.”

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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