San Diego-based developer Sunroad Enterprises, Inc. has secured $165 million in refinancing on two recently-built luxury multifamily complexes totaling 555 units in the city’s Kearny Mesa neighborhood.
Mesa West Capital of Los Angeles originated the short-term mortgage debt, with Mesa West holding the $145 million A-note and New York-based Clarion Partners holding the $20 million B-note.
Tim Wright and Aldon Cole with HFF’s San Diego office arranged the financing on behalf of the borrower.
A Mesa West Capital statement said that the firm’s five-year, non-recourse loan is secured by the 302-unit Vive on the Park, built in 2017 at 8725 Ariva Ct., and the 253-unit Ariva, completed in 2014 at 4855 Ariva Way in San Diego, CA.
Both complexes are located within Sunroad’s 40-acre, master-planned campus known as Sunroad Spectrum. Development on the campus has been in progress for the past several years, and at full buildout it is expected to include 1,622 multifamily units and 856,000 square feet of commercial office space.
Sunroad Spectrum in turn is part of a larger 232-acre site that once housed an aerospace facility operated for several years by General Dynamics.
“The sponsor has done an excellent job in leveraging the portfolio’s quality finishes, high-end and diverse amenity offerings and central Kearny Mesa location in the lease up of these two projects in a very competitive market,” said Mesa West Capital Principal Steve Fried, who led the origination team along with Jason Bressler.