San Diego, Calif. (September 28, 2016) - The developer of Pinnacle on the Park, Phase I, a 484-unit, 45-story apartment tower in downtown San Diego, has received financing in the amount of $135,000,000.
Jamie Dick, senior vice president of Debt & Equity Finance for Kidder Mathews in California, and loan analyst, Jay Dick, arranged the financing for the borrower. The lender, a life insurance company, provided fixed rate financing for the life of the loan, a non-recourse, 10-year term loan with a 30-year amortization.
Pinnacle on the Park will be located in the East Village, San Diego’s largest downtown neighborhood, which encompasses 130 blocks between Seventh Avenue and 18th Street. There are more than 700 businesses located in this thriving urban enclave, including restaurants, hotels, art galleries, and Petco Park. It is also home to the San Diego Padres, several educational institutions, and the new San Diego Central Library.
The East Village community has a population of 10,000, and growing. Most residents live in mid-rise or luxury condominiums and lofts. The diverse and vibrant community, with a unique mix of arts, culture, education, and entertainment, is experiencing steady urban development and growth of new businesses from neighboring downtown neighborhoods and other areas in San Diego County.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 600 real estate professionals and staff in 16 offices in Arizona, California, Nevada, Oregon, and Washington. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages over 37 million square feet of space, and conducts over 1,300 appraisals annually. For more information, visit www.kiddermathews.com.