Square Mile Lends $57M on Monarch’s SoCal Multifamily Project
Monarch Group has landed a $57 million construction loan for a newly-built multifamily asset in San Diego County, Monarch Buena Vista.
The financing was originated by Square Mile Capital Management, according to an announcement from the lender, and will replace existing construction debt on the 179-unit property in Vista, Calif. The apartment complex, which is currently 60.9 percent leased, received its final certificate of occupancy this past October.
JLL’s Aldon Cole arranged the transaction out of the brokerage’s San Diego office.
“This transaction was a compelling opportunity to finance a high-quality multifamily asset with significant lifestyle advantages and build a strong lending relationship with the Monarch Group,” Square Mile Capital Principal Tom Burns said in a statement. “The property will continue to benefit from both its community feel and amenity base, as well as its employment-friendly location.”
Located at 740 Paseo Bueno Vista in Vista’s Civic Center District close to I-78, Monarch Buena Vista features 14 residential buildings. The property’s amenities include a clubhouse, lounge, game room, internet cafe, golf simulator, community kitchen, fitness center, pool, courtyards, playground, bocce court and direct access to the Vista Conservancy walking trail.
Monthly rents for one-bedroom residences range from $2,175 to $2,455; $2,470 to $2,780 for two-bedroom units; and $3,100 to $3,150 for three bedrooms, according to Apartments.com.
Officials at Monarch and JLL did not immediately respond to requests for comment.