Greystone Refis San Diego Luxury Apartments with $130M Loan
By Andrew Coen May 5, 2022 10:15 am
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Pinnacle Parkside Development US has sealed $129.5 million of agency-backed debt to refinance a San Diego multifamily property, Commercial Observer has learned.
Greystone provided the fixed-rate Fannie Mae Delegated Underwriting and Servicing loan for Spire San Diego, a 472-unit luxury apartment community constructed in 2019. Greystone’s Matt Stevens originated the transaction, with James Dick and Jay Dick of brokerage firm Kidder Mathews acting as correspondent.
“They are focused on strategic growth,” Stevens said of Pinnacle. “We look forward to working on future transactions with them.”
Located at 1475 Island Avenue, the 45-story apartment complex is part of a residential and commercial complex with a 484-unit sister property, Pinnacle on the Park. The property’s amenities include a fitness center, swimming pool, game room, yoga room, screening room, residents lounge and outdoor grilling area.
Monthly rents at Spire San Diego range from $2,150 for one-bedroom units to $7,900 for three bedrooms, according to Apartments.com.
Andrew Coen can be reached at acoen@commercialobserver.com.
