$188M loan secured for luxury multi-housing community in San Diego

SAN DIEGO, Jan. 10, 2025 - JLL Capital Markets announced today that it has secured a $188 million loan for Vive Luxe, a 442-unit multi-housing community in San Diego, California.

JLL represented the borrower, Sunroad Enterprises, in arranging the five-year, fixed-rate loan from accounts managed by global investment firm, KKR.

Vive Luxe, nestled at 4890 Sunroad Centrum Ln. in the Kearny Mesa submarket, offers a prime location approximately nine miles north of downtown San Diego with a desirable mix of urban convenience and suburban comfort.

The Class-A multifamily community was completed in 2021 and features a luxurious living experience in a five-story building with one-, two- and three-bedroom apartments ranging from 726 to 1,122 square feet. Each unit boasts modern features including stainless steel appliances, gourmet kitchens, quartz countertops and open concept living spaces, catering to discerning residents. The property elevates the lifestyle experience with high-end amenities such as a swimming pool with clubroom and spa, fitness center, wine lounge, sky deck and ocean lounge, providing residents with resort-style comfort and relaxation.

Vive Luxe has achieved a stabilized occupancy of over 95%, reflecting strong demand in the San Diego multi-housing market. The property also includes 23 affordable units, addressing the need for diverse housing options in the area.

JLL Capital Market's Debt Advisory team representing the borrower was led by Senior Managing Directors Aldon Cole and Tim Wright and Vice President Bharat Madan.

"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 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."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.