PCCP, LLC PROVIDES A $145 MILLION SENIOR LOAN TO SUNROAD ENTERPRISES FOR THE DEVELOPMENT OF A 442-UNIT MULTIFAMILY DEVELOPMENT IN SAN DIEGO
San Francisco, CA, April 4, 2019 – PCCP, LLC announced today it has provided a $145 million senior loan to Sunroad Enterprises for the development of Sunroad Centrum Phase 6, a seven-story, 442-unit, Class A multifamily development located in the Kearny Mesa neighborhood of San Diego, CA. The project will be the final phase of the 25-acre Centrum master plan which Sunroad Enterprises has successfully developed to include more than 800 multifamily units and one 11-story office tower. The financing was arranged by Senior Managing Directors Aldon Cole and Tim Wright and Associate Bharat Madan at HFF in San Diego.
“PCCP is pleased to provide this senior loan to Sunroad Enterprises, an experienced and proven developer in this market,” said Michael Johnson, senior vice president with PCCP. “The Kearny Mesa area is well located near a number of employment centers – this combined with the lack of available land for new development and the quality of the planned project – we see this project helping to meet the strong rental demand here.”
The project will feature a 4,200-square-foot two-level fitness center, pool and spa, rooftop bar with grill area and outdoor TVs, business center lounge and conference rooms, wine room with outdoor patio, game room, and pet grooming center. In addition to the amenities available onsite, the phase 6 residents will benefit from neighborhood amenities such as the City-owned community park at the center of the Sunroad Centrum development and new restaurants opening in the area. The Kearny Mesa neighborhood sits north of Mission Valley and is advantageously bounded by major freeways to the north, east, and west. Kearny Mesa has a central location within San Diego and is thus easily accessible from other residential clusters and employment centers throughout the region.