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KKR Lends $188M on Kearny Mesa Apartments
JLL Capital Markets secured a $188-million loan for Vive Luxe, a 442-unit apartment community in San Diego. A JLL team led by senior managing directors Aldon Cole and Tim Wright and VP Bharat Madan represented the borrower, Sunroad Enterprises, in arranging the five-year, fixed-rate loan from accounts managed by KKR.
Located at 4890 Sunroad Centrum Ln. in the Kearny Mesa submarket, Vive Luxe has achieved a stabilized occupancy exceeding 95%, illustrating strong demand in San Diego, according to JLL. The property includes 23 affordable units.
“Financing Vive Luxe illustrates the capital market’s conviction of the long-term stability and growth in San Diego,” said Cole. “Despite this year’s volatility and uncertainty, the strength of the sponsor, combined with an A+ core asset quality and which continued to exhibit strong underlying fundamentals prevailed, and we were very pleased to see this lender provide a long-term solution for this generational asset.”
- ◦Financing
