PCCP Provides $110M Refi on Downtown San Diego Multifamily
PCCP has provided a $110-million senior loan to refinance Stanza Little Italy, a Class A, 270-unit, 22-story multifamily community located at 310 A St. in Downtown San Diego. Terms of the loan were not disclosed.
“We believe Stanza Little Italy, a high-quality asset, will perform well as construction activity in Downtown San Diego dissipates,” said Mike Johnson, managing director with PCCP.
Stanza sits a few blocks from popular San Diego neighborhoods such as Little Italy, the Gaslamp Quarter and the Marina District. The area surrounding the community provides a variety of dining, shopping, and entertainment options, along with attractions like the Mercato Farmers’ Market and India Street in Little Italy.
Downtown San Diego has one of the strongest renter markets in the country, ranking among the top markets in the country for the percentage of renter households. Within one mile of the Stanza, 91% of residents are renters, according to PCCP.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout