Category: San Diego

JLL arranges $50 million financing for Pierside

Pierside North
JLL arranged $50 million in financing for Pierside, a two-building, mixed-use property with 176 residential units in Oceanside, California.


JLL announced today that it has arranged $50 million in financing for Pierside, a two-building, mixed-use property with 176 residential units and approximately 17,000 square feet of retail space in the coastal Southern California community of Oceanside.

JLL worked on behalf of the borrower to arrange the 10-year, fixed-rate loan with a life insurance company. Loan proceeds will be used to retire the existing construction loan, cover associated transaction costs, fund leasing costs for vacant retail space and return a portion of sponsor equity.

Pierside was constructed in two phases, Pierside North and Pierside South, that were completed in 2016 and 2018. Located in the heart of Oceanside along Mission Avenue, the property is steps from the Pacific Ocean and also less than one mile from Interstate 5. Pierside North consists of 66 residential units and common area amenities, including a spa pool; outdoor grilling and dining areas; outdoor lounge with fire pit and games; resident clubhouse with TV’s and shuffleboard; fitness studio; outdoor fitness space with yoga area; and dog park. Pierside South comprises 110 residential units and amenities, including a rooftop lounge with panoramic views; swimming pool overlooking the ocean; landscaped grilling and picnic areas; resident clubhouse with TV’s and pool table; vista lounge; movie lounge; fitness studio; yoga space; and surfboard storage. In addition, the properties have 421 parking spaces total, 264 of which are reserved for residents.

The JLL Capital Markets team representing the borrower included Director Olga Walsh and Analyst Daniel Pinkus.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. California Department of Real Estate License #01385740.



JLL arranges $50 million financing for Pierside

Pierside North
JLL arranged $50 million in financing for Pierside, a two-building, mixed-use property with 176 residential units in Oceanside, California.

JLL announced today that it has arranged $50 million in financing for Pierside, a two-building, mixed-use property with 176 residential units and approximately 17,000 square feet of retail space in the coastal Southern California community of Oceanside.

JLL worked on behalf of the borrower to arrange the 10-year, fixed-rate loan with a life insurance company. Loan proceeds will be used to retire the existing construction loan, cover associated transaction costs, fund leasing costs for vacant retail space and return a portion of sponsor equity.

Pierside was constructed in two phases, Pierside North and Pierside South, that were completed in 2016 and 2018. Located in the heart of Oceanside along Mission Avenue, the property is steps from the Pacific Ocean and also less than one mile from Interstate 5. Pierside North consists of 66 residential units and common area amenities, including a spa pool; outdoor grilling and dining areas; outdoor lounge with fire pit and games; resident clubhouse with TV’s and shuffleboard; fitness studio; outdoor fitness space with yoga area; and dog park. Pierside South comprises 110 residential units and amenities, including a rooftop lounge with panoramic views; swimming pool overlooking the ocean; landscaped grilling and picnic areas; resident clubhouse with TV’s and pool table; vista lounge; movie lounge; fitness studio; yoga space; and surfboard storage. In addition, the properties have 421 parking spaces total, 264 of which are reserved for residents.

The JLL Capital Markets team representing the borrower included Director Olga Walsh and Analyst Daniel Pinkus.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. California Department of Real Estate License #01385740.

Affirmed Housing grand opens 160 affordable apartment homes in San Diego

Stella and Bluewater, courtesy Affirmed Housing
Stella and Bluewater, courtesy Affirmed Housing


Affirmed Housing will host a Grand Opening celebration for Stella and Bluewater, two new affordable housing communities located in the Grantville community of San Diego. Located at 6121 Fairmount Avenue, the 9:30am Grand Opening will draw the attendance of numerous elected officials, including: California State Treasurer Fiona Ma, California State Senate President Pro Tempore Toni G. Atkins, San Diego City Mayor Kevin Faulconer, San Diego City Councilman Scott Sherman. Helping address a state-wide affordable housing shortage, Stella and Bluewater are highly-anticipated developments, particularly for 160 of San Diego’s most vulnerable individuals and families.

“These two projects bring our strategy to reduce homelessness full circle with several folks moving into these new apartments after getting the help they needed at one of the City’s bridge shelters,” Mayor Faulconer said. “We’ve overseen the largest expansion of homeless services in City history over the past couple years and now we’re seeing those investments pay off with people getting off the street and into permanent housing.”

Adjacent to each other, Stella and Bluewater are located within a half-mile of the Grantville Trolley stop, and close to grocery stores, restaurants, and healthcare services. Stella features a mix of 80 studios and one-bedroom supportive housing apartment homes for formerly homeless individuals or those with special needs. Located at 4304 Twain Ave, Stella offers on-site services to residents through its partners, Interfaith Community Services and the VA. Bluewater consists of 80 one-, two-, and three-bedroom apartments for low-income households earning between 30 percent and 60 percent of the area median income (AMI). Bluewater, located at 6121 Fairmount Ave, features on-site management, energy-efficient appliances, and airy common areas.

James Silverwood, President of Affirmed Housing, states, “We are excited to celebrate the completion of Stella and Bluewater here in San Diego. Now more than ever, it is critical that we provide high quality housing that is affordable, attainable, and honors the dignity of its residents.”

Affirmed Housing’s development partners include: IVY Landscape Architects, Suffolk, Studio E Architects, Kettler Leweck Engineering, NEXUS for Affordable Housing, Interfaith Community Services, and Solari Enterprises. Funding Partners include: Boston Capital, California Community Reinvestment Corporation, US Bank, The City of San Diego, The San Diego Housing Commission, U.S. Department of Housing and Urban Development/Housing and Community Development, Low Income Investment Fund (LIIF), The Regional Task Force on the Homeless, and Century Housing.

“Suffolk is proud to have contributed to the building of Stella and Bluewater in partnership with Affirmed Housing and The San Diego Housing Commission, bringing affordable and supportive housing to San Diego,” said Tom Donohue, President and General Manager, Suffolk Southern California. “We are committed to the communities we serve and strive to deliver quality, timeliness and innovation with each project so that we may continue to play a vital role in the development of this beautiful, vibrant city.”



Affirmed Housing grand opens 160 affordable apartment homes in San Diego

Stella and Bluewater, courtesy Affirmed Housing
Stella and Bluewater, courtesy Affirmed Housing

Affirmed Housing will host a Grand Opening celebration for Stella and Bluewater, two new affordable housing communities located in the Grantville community of San Diego. Located at 6121 Fairmount Avenue, the 9:30am Grand Opening will draw the attendance of numerous elected officials, including: California State Treasurer Fiona Ma, California State Senate President Pro Tempore Toni G. Atkins, San Diego City Mayor Kevin Faulconer, San Diego City Councilman Scott Sherman. Helping address a state-wide affordable housing shortage, Stella and Bluewater are highly-anticipated developments, particularly for 160 of San Diego’s most vulnerable individuals and families.

“These two projects bring our strategy to reduce homelessness full circle with several folks moving into these new apartments after getting the help they needed at one of the City’s bridge shelters,” Mayor Faulconer said. “We’ve overseen the largest expansion of homeless services in City history over the past couple years and now we’re seeing those investments pay off with people getting off the street and into permanent housing.”

Adjacent to each other, Stella and Bluewater are located within a half-mile of the Grantville Trolley stop, and close to grocery stores, restaurants, and healthcare services. Stella features a mix of 80 studios and one-bedroom supportive housing apartment homes for formerly homeless individuals or those with special needs. Located at 4304 Twain Ave, Stella offers on-site services to residents through its partners, Interfaith Community Services and the VA. Bluewater consists of 80 one-, two-, and three-bedroom apartments for low-income households earning between 30 percent and 60 percent of the area median income (AMI). Bluewater, located at 6121 Fairmount Ave, features on-site management, energy-efficient appliances, and airy common areas.

James Silverwood, President of Affirmed Housing, states, “We are excited to celebrate the completion of Stella and Bluewater here in San Diego. Now more than ever, it is critical that we provide high quality housing that is affordable, attainable, and honors the dignity of its residents.”

Affirmed Housing’s development partners include: IVY Landscape Architects, Suffolk, Studio E Architects, Kettler Leweck Engineering, NEXUS for Affordable Housing, Interfaith Community Services, and Solari Enterprises. Funding Partners include: Boston Capital, California Community Reinvestment Corporation, US Bank, The City of San Diego, The San Diego Housing Commission, U.S. Department of Housing and Urban Development/Housing and Community Development, Low Income Investment Fund (LIIF), The Regional Task Force on the Homeless, and Century Housing.

“Suffolk is proud to have contributed to the building of Stella and Bluewater in partnership with Affirmed Housing and The San Diego Housing Commission, bringing affordable and supportive housing to San Diego,” said Tom Donohue, President and General Manager, Suffolk Southern California. “We are committed to the communities we serve and strive to deliver quality, timeliness and innovation with each project so that we may continue to play a vital role in the development of this beautiful, vibrant city.”