JLL Capital Markets Arranges $24.5M Loan for Cielo Apartments in Downtown San Diego

by Amy Works

SAN DIEGO — JLL Capital Markets has secured $24.5 million in financing for Cielo, a Class A multifamily property located in San Diego’s Little Italy neighborhood.

The borrower, Built Development, acquired the land in 2014 and broke ground in 2018 for the project, which was completed in January. Loan proceeds will be used to pay off the borrower’s existing construction loan and provide cash.

Located at 915 W. Grape St., the eight-story, 63,500-square-foot property features studio, one- and two-bedroom units. Apartments offer private balconies and terraces, in-unit washers/dryers, stainless steel appliances and modern finishes. Community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations.

Jeff Sause, Christopher Collins and Chad Morgan of JLL Capital Markets arranged the floating-rate bridge loan through a correspondent life insurance company for the borrower.

You may also like