Square Mile Provides $136M Loan for 400-Unit Apartment Community in Anaheim
ANAHEIM, CALIF. — New York-based finance and investment firm Square Mile Capital Management LLC has provided a $136 million loan for Jefferson Platinum Triangle, a 400-unit multifamily community in Anaheim.
Proceeds from the loan, which was provided for Irving, Texas-based development firm JPI, will be used to repay existing construction debt and to bridge through stabilization of the property.
Jefferson Platinum Triangle is located at 1781 S. Campton Ave. within the 840-acre Platinum Triangle district situated near Angel Stadium, Disneyland and the Anaheim Convention Center.
The property offers a mix of studio, one-, two- and three-bedroom units ranging in size from 578 to 1,398 square feet. Amenities include 730 parking spaces, two resort-style pools, two clubrooms, a fitness center with yoga studio, media room, rooftop lounge and adjacent community park.
“This transaction was a compelling opportunity to finance a trophy-quality multifamily asset in one of the fastest growing areas of the Los Angeles metropolitan area and Orange County,” says Square Mile Principal Michael Mestel. “The Jefferson Platinum Triangle has been outperforming the surrounding market in terms of rents and leasing velocity since initial move-ins began earlier this year.”
According to the property website, rents for available one-bedroom units run as high as $2,300 per month while rents for vacant two- and three-bedroom units have a ceiling of approximately $3,400 and $3,720 per month, respectively. As of the third quarter, the average asking rent for a Class A, one-bedroom unit in the Los Angeles MSA was $2,757 per month, according to CoStar.
— Taylor Williams