Takeout Loan Secured for Newly Built La Jolla Apartments

Gantry secured a $14.4-million loan to retire construction financing for the 801 Pearl Class A apartments located at 801 Pearl St. in La Jolla Village. Principal George Mitsanas and director Doug Tisdale with Gantry’s Los Angeles (El Segundo) production office represented the borrower, a private real estate investor. The financing was secured through a life company lender and features a variable rate tied to SOFR and interest-only terms.

“801 Pearl is a high-quality infill development delivered into the heart of one of California’s most desirable coastal communities with strong, long-term fundamentals for multifamily housing.” said Tisdale. “Gantry worked with the project’s experienced developer to fund the project’s original construction loan, which had reached maturity as the project moved into occupancy.”

The recently completed, two-story complex features a mix of studio, one-bedroom and two-bedroom apartments and includes approximately 3,400 square feet of street-level commercial space. The property sits on a high-barrier-to-entry, infill location in a pedestrian-friendly district with restaurant, entertainment and natural amenities including the nearby Windansea Beach and La Jolla Cove.