Square Mile Lends $136M on SoCal Multifamily Development
Irving, Texas-based developer JPI has scored a $136 million loan from Square Mile Capital Management for Jefferson Platinum Triangle, a 400-unit multifamily property located in Anaheim, Calif., the lender announced today.
JPI recently completed construction of the property’s four buildings and is nearing completion of the development. The loan pays down existing construction debt and provides bridge financing through the project’s stabilization.
“Square Mile Capital understands JPI’s mission and history of building multi-family housing communities that perform beyond expectations in today’s marketplace,” said Jason Spratt, a senior vice president at JPI. “JPI seeks out private, government and financial partnerships that share our corporate values, and endure the test of time. Square Mile is a great example of that.”
Jefferson Platinum Triangle is a residential community located at 1781 South Campton Avenue in Anaheim. Property amenities include two clubrooms, two pools, multiple barbecue grilling stations, a gym, a yoga studio and a dog wash station.
The city’s ‘Platinum Triangle’ is an 840-acre district that includes Angel Stadium, Honda Center and The Grove of Anaheim. Under the Platinum Triangle Master Land Use Plan, urban development is bringing mixed-use, office, restaurant, and residential projects to replace older industrial developments, according to city website Anaheim.net
“This transaction was a compelling opportunity to finance a trophy-quality multifamily asset in one of the fastest growing areas of the Los Angeles metropolitan area and Orange County,” Michael Mestel, a principal at Square Mile, said in prepared remarks. “The Platinum Triangle has undergone a dynamic transformation over the past market cycle, and Jefferson Platinum Triangle has been outperforming the surrounding market in terms of rents and leasing velocity since initial move-ins began earlier this year.”
Square Mile Principal Matthew Drummond added, “We are excited to close our first transaction with JPI, a top U.S. multifamily developer who consistently delivers market-leading product. We look forward to expanding our relationship with JPI on future developments going forward.”
An active multifamily developer, JPI has acquired, developed or is currently developing more than 331 projects. In California and Arizona, JPI has developed and sold 28 multifamily properties totaling nearly 9,400 units at a total cost of roughly $1.6 billion.
Earlier this year, Square Mile provided a $71 million loan on another Golden State property—Jamison Services‘ 22-story, 415,000-square-foot Class A office building at 3600 Wilshire Boulevard in Los Angeles.