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.