California + San Diego + Apartments | March 23, 2023

San Diego Firm Secures Acquisition Loan for Monterey Asset

The JLL Capital Markets team of Bryan Clark and Brad Vansant has arranged the $13.1 million acquisition financing for The Independent, a Class A, 61-unit multifamily community in Sand City, CA. San Diego’s DiversyFund secured the fixed-rate loan through a life insurance company.

Located just three miles north of Downtown Monterey, The Independent offers a mix of modern studios, one- and two-bedroom units with stainless steel appliances, granite countertops and modern cabinetry. The property also includes 11,000 square feet of vacant commercial space.

“The Independent represents a unique investment opportunity to purchase a great asset in a supply-constrained coastal California market below replacement cost. Real estate is truly a team sport, and we couldn’t have asked for better partners than JLL and Eagle Realty Group,” said DiversyFund SVP Isaac Dixon.

The property is within walking distance to Monterey State Beach in an area that offers boutiques, fine dining, shops and cafes.

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JLL Capital MarketsDiversyFundIsaac Dixon

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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