Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Approximately $38.5 million in financing has been arranged for a two-year-old, 262-unit luxury apartment complex here by the name of Signature Point.

L.J. Melody & Co. provided the funding to the borrower and subsequently sold the loan to Freddie Mac. Mark McGovern in L.J. Melody’s San Diego office handled the transaction.

Although demand is down somewhat from last year, the San Diego County economy is keeping the multifamily market strong, according to a recent report from Hendricks & Partners. Despite low interest rates, the market continues to benefit from rising single-family home prices, ensuring that vacancies remain low, and investor interest remains high.

The overall average vacancy rate increased from 2.4% in the first quarter of 2001 to 4.6% in the first quarter of 2002, according to the report. However, some owners of higher-end complexes are discounting rents to attract tenants as renters move to less-expensive suburbs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.