SAN DIEGO--(BUSINESS WIRE)--
HFF announces it has arranged $145 million in construction financing on behalf of Sunroad Enterprises for the development of Centrum Apartments Phase 6, a 442-unit, Class A apartment project in San Diego, California.
HFF worked on behalf of Sunroad Enterprises to arrange the floating-rate construction loan through PCCP, LLC.
Centrum Apartments Phase 6 will be the final phase of the 232-acre Centrum Master Plan that encompasses some of San Diego’s newest development and numerous employers. Due for completion in late 2020, the five-story, Type 3A residential building will be situated over a three-story, Type 1A parking structure with one subterranean level. The property is situated on 4.5 acres directly west of Phase 5 at the corner of Kearny Villa Road and Lightwave Avenue in the Kearny Mesa submarket. Planned amenities include a pool and spa area, sky deck with grilling and lounge space, fitness center, club room with indoor/outdoor billiards tables and bar, wine room, business center with conference space and pet grooming center. Units will range from studio through three-bedroom layouts averaging 895 square feet.
The HFF debt placement team representing Sunroad was led by senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan.
“This sixth and final phase within the Centrum master plan will complete the transformation of this project that has been in the works for nearly 20 years,” Cole said. “The Centrum residential market is one of the most highly amenitized in the country. The area’s short commutes to surrounding employment centers and proximity to retail only serves to enrich residents’ quality of life even further.”
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Sunroad Enterprises
Sunroad Enterprises is a diversified and experienced holding company. Founded in 1977 in San Diego, Sunroad consists of two distinct divisions: Real Estate and Automotive. The company has built over three million square feet of Class A office space, in addition to the 600-slip Sunroad Resort Marina, nearly 4,000 multifamily units owned or under construction, and Maderas Golf Club, recently ranked by Golf Digest as a top 100 Golf Course. Sunroad also owns Island Prime, C-Level, and Coasterra restaurants on Harbor Island. Sunroad Enterprises has been involved in projects in California, Colorado, Nevada, Arizona, Washington and Mexico, and has earned numerous quality commendations from local, regional and national organizations. On the auto side, Sunroad currently owns and manages 17 car dealerships in Mexico and the U.S., with annual vehicle sales in excess of 30,000 cars sold and over 200,000 customers choosing Sunroad for service. Sunroad is proud to have won, amongst others, the Ford Triple Crown Award, Honda Presidents Award, Subaru Stellar Performer and BMW Center of Excellence Award.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $9 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $19 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at https://pccpllc.com/.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.