Foulger-Pratt Secures $41 Million Refinance Loan For Multifamily Property In San Diego

The property involved in this transaction is a multifamily asset located at 2260 El Cajon Boulevard in San Diego. The asset features 125 residential units and encompasses a total of 194,682 square feet. The property includes a full range of amenities such as a fourth-floor amenity deck, plunge pool and spa, fitness center, resident clubroom, co-working facilities, and outdoor lounge areas.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $41,000,000
• Loan Type: Refinance
• Loan Terms: 3 Years | SOFR + 2.30% | Full-Term Interest Only | Non-Recourse
• Lender: PCCP
• Borrower: Foulger-Pratt
• Brokers: David Oheb & Joshua Lerer - Meridian Capital Group

The borrower, Foulger-Pratt, is a real estate investment and development firm established in 1963. The firm is known for its vertically integrated operations which include acquisition, development, construction, asset management, and property management. Foulger-Pratt has a diverse portfolio, having developed over 15 million square feet across various asset types and currently manages approximately 8,000 units throughout the United States.