Cisterra Development And Spruce Capital Group Secure $98 Million Loan For 241-unit Multifamily In San Diego

The asset involved is a 241-unit Class A apartment complex located at 675 9th Avenue in San Diego. Cisterra Development and Spruce Capital Group have secured a loan of $98,000,000 to refinance this multifamily property. The loan is structured as a three-year fixed-rate arrangement.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $98,000,000
• Address: 675 9th Avenue
• Market: San Diego
• Loan Type: Refinance
• Loan Terms: three-year, fixed-rate
• Landlord: Steven Black - Cisterra Development; Spruce Capital Group
• Brokers: Mark McGovern, Scott Peterson & Morgon Fraser - CBRE

Mark McGovern, Scott Peterson, and Morgon Fraser from CBRE were instrumental in arranging the financing for this deal. Their involvement highlights the collaboration between the brokerage firm and the property developers in securing the necessary funding for the refinance.