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Tuesday, Dec 6, 2022
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Fresh Start for Apartments At Spectrum

Atlanta-based Wood Partners LLC, which develops multifamily projects, has purchased a 5.9-acre apartment site in San Diego’s Kearny Mesa area, where it plans to build a 379-unit luxury apartment community.

An Aug. 16 company statement said financing for the $90 million project, including the purchase, design permits and related construction costs, was secured in a 60-day period.

“It came together a lot faster than most deals, especially in this kind of market,” said Brian Hansen, a director with Wood Partners who oversees the company’s development projects in Southern California. “Some people were skeptical that a private developer could come in and raise close to $90 million in 60 days.”

“We have strong financial partners that were able perform their due diligence quickly and perform in an extraordinary manner,” Hansen said.

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Funding for the acquisition was provided by a private equity real estate fund. JPMorgan Chase & Co. is providing the debt for construction, the statement said.

Construction of the project will start by Sept. 1 on the property known as Spectrum Center, at 8798 Spectrum Center Blvd. The first apartments are expected to become available for lease in the first quarter of 2012, the statement said.

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