ANAHEIM, CA—Square Mile Capital Management LLC has originated a $136-million loan secured by Jefferson Platinum Triangle, a new 400-unit multifamily property here with JPI as the sponsor. The loan will repay JPI's existing construction financing and bridge through stabilization of the property.

JPI, a multifamily developer based in Irvine, TX, with a regional office in Southern California, recently completed Jefferson Platinum Triangle's four buildings and is nearing completion of the project, a new, transit-oriented residential community with a combination of studio, one-, two- and three-bedroom floor plans and 730 parking spaces.

Residents of the community will have access to a variety of amenities and recreational facilities including two clubrooms, two resort-style pools with spas, two outdoor kitchens, multiple BBQ grilling stations, a traditional fitness gym, a yoga studio and interval training gym, a media room, outdoor fireplaces, a roof-top lounge, a dog-wash station and an adjacent community park. The property is located in the Platinum Triangle, an 840-acre district within Anaheim offering access to transportation, retail, jobs and major entertainment venues. The district is situated near Angel Stadium, the Honda Center, the Anaheim Convention Center and Disneyland.

Regarding the loan, Square Mile principal Michael Mestel said in a prepared statement, “This transaction was a compelling opportunity to finance a trophy-quality multifamily asset in one of the fastest growing areas of the Los Angeles metropolitan area and Orange County.” He added that the Platinum Triangle has undergone a dynamic transformation over the past market cycle and that Jefferson Platinum Triangle has been outperforming the surrounding market in terms of rents and leasing velocity since initial move-ins began earlier this year.

JPI has acquired, developed or is currently developing more than 331 projects. These developments include more than 99,000 units located in 140 cities covering 27 states and Canada, and, together, are valued at more than $13.2 billion. In California and Arizona, JPI has previously developed and sold 28 multifamily properties totaling nearly 9,400 units at a total cost of approximately $1.6 billion.

As GlobeSt.com reported in September, JPI is developing “a new gateway to Mission Bay” with the construction of Jefferson Pacific Beach, a $103.5-million mixed-use community that will include 172 luxury apartment homes and 14,000 square feet of ground-floor retail and creative-office space. The nearly 3-acre site will feature three levels of podium construction and is being designed by Carrier Johnson + CULTURE.

Instant Insights /

Platinum Triangle Apts. Secures $136M Loan

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