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Scripps Ranch, CA-A 285,000-sf apartment complex consisting of 262 units has been acquired by the Sickels Group and is slated for condominium conversion. According to Jamie Dick of Burnham Real Estate’s Capital Markets Group, the class A building was 100% occupied at the time of sale.Dick arranged the $76-million loan between the Sickels Group and Chicago-based Corus Bank, a subsidiary of Corus Bankshares Inc. The loan represents the second this year in the San Diego area for Corus.”Corus is happy to expand its lending relationship with the Sickels Group. This deal highlights the fact that we continue to originate condo conversion loans on newer products in well positioned locations,” says Keith R. Gibbons, vice president of Corus Bank.The Monarch at Scripps Ranch was built in 2002. The property consists of 14 three-story buildings with 262 units and 426 parking spaces. Amenities include a swimming pool, community center, and fitness center. Dick tells Globest.com that there will be minor rehabbing work done to the property in addition to the conversion. Once complete, the project will add 262 units of condominium space to the San Diego market.Dick adds that although the condo conversion market is not in the frenzy it was 12 months ago, activity in San Diego remains stable. “The project exhibits commitment from intuitional lenders and faith in San Diego income property market in general,” Dick tells Globest.com.Corus Bank provided $26.4 million in construction financing for a $34-million condominium project in San Diego earlier this year. Under development by Janez Ledcor Properties, the 38-unit parcel incorporates 10,000 sf of ground-floor retail space and 18,000 sf of second floor office condos.

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