KeyBank Real Estate Capital (KBREC) secured a $30.387-million fixed-rate Fannie Mae 10-year term, five years interest-only loan for F&F Properties to refinance Le Jaime Apartments in San Diego. Loan proceeds will be used to refinance outstanding KeyBank bridge debt.
Located near Pacific Beach, La Jolla and some of San Diego’s most vibrant neighborhoods, the 112-unit Le Jaime consists of 12 buildings on four complexes. Each complex has 28 units in a mix of studio, one-, two- and three-bedroom units, with sizes ranging from 300 to 1,085 square feet. Le Jaime also offers a total of 50 surface rental parking spaces.
F&F Properties invested $20.1 million to perform extensive capital improvements and to develop Accessory Dwelling Unit (ADU) housing. By leveraging current ADU and affordable housing incentives, F&F Properties expanded each complex by nine units.
John Petersen of KBREC’s Commercial Mortgage Group arranged the financing.
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