Greystone Refis San Diego Luxury Apartments with $130M Loan

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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.

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“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.