Gantry has successfully secured a $14.4-million loan to retire the construction financing for 801 Pearl Class A apartments in La Jolla Village. The borrower, a private real estate investor, was represented by Principal George Mitsanas and Director Doug Tisdale from Gantry’s Los Angeles production office. The financing was obtained through a life company lender and offers variable rates tied to SOFR with interest-only terms.
According to Tisdale, “801 Pearl is an exceptional development located in one of California’s most desirable coastal communities with strong long-term fundamentals for multifamily housing.” Gantry collaborated with the project’s experienced developer to fund the original construction loan which had reached maturity during occupancy.
The newly completed two-story complex features studio, one-bedroom and two-bedroom apartments along with approximately 3,400 square feet of street-level commercial space. Situated on an infill location in a pedestrian-friendly district surrounded by restaurants, entertainment options and natural amenities like Windansea Beach and La Jolla Cove make this property highly sought after.
This news article originally appeared on Connect CRE website.
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