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September 26, 2016

Downtown Apartment Tower's Developer Gets $135M in Refinancing

San Diego Business Journal

Lou Hirsh

The developer of the 484-unit Pinnacle on the Park, Phase 1, has obtained $135 million in refinancing for the apartment property in downtown San Diego, according to brokerage firm Kidder Mathews, which arranged the financing.

Developed by Vancouver, B.C.- based Pinnacle International, the 45-story tower opened last year off 14th Street, between Island Avenue and J Street in East Village. A Kidder Mathews statement said the firm's Jamie Dick and Jay Dick arranged the fixed-rate refinancing through an undisclosed life insurance company, with other terms also not disclosed.

The completed apartments are located on a 1.3-acre public park that opened last year and was also built by Pinnacle International.

According to Civic San Diego, the city's downtown project oversight agency, Pinnacle International began grading earlier this year on a second tower at Pinnacle on the Park, set to include a total of 476 residential units and slated for completion around mid-2019.

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