JLL Arranges $28 Million in Financing for Casa Verde in San Diego

SAN DIEGO — JLL Capital Markets has arranged $28 million in construction take-out financing for Casa Verde, a 94-unit community in San Diego’s North Park neighborhood. Olga Walsh and Jack Wood of JLL led the team that secured the non-recourse floating-rate bridge loan on behalf of the borrower, Champion Real Estate Investments. The new loan retired a high-leverage construction loan, covered transaction costs and carry reserves, and provided significant cash out to the sponsor while allowing sufficient time for stabilization in anticipation of permanent financing. Casa Verde offers studio and one-bedroom units, as well as 3,000 square feet of ground-floor restaurant space. Amenities include bike repair and storage space, a rooftop deck and clubhouse, barbeque areas and a gated parking garage.