San Diego-based developer The Premiere Residential has obtained $145 million in refinancing for two apartment communities in University Towne Center, according to CBRE Group Inc., which arranged the financing.
A statement from the commercial brokerage and investment firm said the properties are the 400-unit La Jolla International Gardens, at 3417 Lebon Drive, refinanced with a $77.5 million loan; and the 354-unit La Scala Apartment Homes, at 3845 Nobel Drive, refinanced with a $67.5 million loan.
CBRE’s Barry Petro secured 12-year, fixed-rate loans, funded by Prudential Mortgage Capital Co. The new loans will replace existing loans financed through commercial mortgage-backed securities.
The UTC properties underwent extensive interior renovations during 2014 and 2015 and have occupancies exceeding 98 percent. According to CoStar Group, La Jolla International Gardens was built in 1986, and La Scala was built in 1992.