Developer Secures $145M for Final Phase of Centrum Apartments
Sunroad Enterprises secures the construction financing for the sixth and final phase of its massive 232-acre master plan community in San Diego.
Developer Sunroad Enterprises has secured a $145 million construction loan for the sixth and final phase of its 232-acre Centrum Master Plan community in San Diego. The final phase will consist of Centrum Apartments, a 442-unit class-A apartment complex, which will deliver in late 2020. It will feature a pool, spa area, sky deck and fitness center among a suite of amenities.
PCCP funded the construction loan with an undisclosed floating rate. HFF debt placement team senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan secured the funding on behalf of Sunroad.
The Centrum Master Plan has been a 20-year development. According to brokers, it is one of the most highly amenitized housing projects in the country, and has immediate access to job centers and retail amenities.