Bridge Investment Group Lands $87M for San Diego Multifamily Deal

The potentially soon-to-be public Freddie Mac has stepped in to provide capital for one of the highest-priced multifamily deals in the San Diego area so far this year. 

Salt Lake City-based Bridge Investment Group landed the $87.3 million Freddie Mac loan, originated by Walker & Dunlop, toward the acquisition of Santa Fe Ranch, a 320-unit, garden-style apartment complex within the La Costa community of Carlsbad, Calif. Bridge recently purchased the 1987-built property at 3402 Calle Odessa from Nuveen for nearly $139 million. The property, one of the largest multifamily communities in Carlsbad, is about 31 miles north of Downtown San Diego. 

Walker & Dunlop Capital Markets’ Mark Grace and John Montakab arranged the interest-only, fixed rate loan on behalf of Bridge. 

“Our client is acquiring a rare value-add opportunity in a prime, supply-constrained market where new development is extremely limited, highlighting the long-term growth and strategic potential of this property,” Grace said in a statement. 

The greater San Diego area has seen a string of high-dollar multifamily deals since the start of this year, including from Walker & Dunlop. The firm’s alternative investment platform, Walker & Dunlop Investment Partners, in February provided a $81 million refinancing loan to Baldwin & Sons for its Enclave Heritage Flats property, a 312-unit complex in Chula Vista. 

Yet all of the San Diego multifamily deals so far this year pale in comparison, at least in terms of price, to MG Properties’ $309 million purchase in February of Greystar’s 718-unit Park 12 – The Collection plaza in Downtown San Diego. That deal, which includes a 35-story high-rise and two mid-rise buildings, is the third-largest residential sale in the city’s history, and the largest since 2020. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.