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JLL arranged $33 million in permanent financing for Cielo Apartment in San Diego’s Little Italy neighborhood

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. 


Inside The Story

JLL's Sause

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 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).

  • ◦Financing
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