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SAN DIEGO-As GlobeSt.com previously reported, Alliance Residential recently acquired Coronado Bay Club, a 549-unit, garden-style apartment community located on the water in Coronado, an affluent “island” adjacent to downtown San Diego. In an update to the story, MetLife Real Estate Investors provided a five-year $121.5-million floating-rate financing for the acquisition and renovation of the property.

The sale is expected to be one of the largest on the California coast in 2013. Jones Lang LaSalle capital markets’ Denny St. Romain, a managing director who helped lead the sales efforts, notes that “San Diego remains an attractive market for buyers and lenders alike. It is an excellent time to take an already top-performing, lucrative asset and add to its value through creatively-structured financing.”

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