Greystone provided a $129,520,000 Fannie Mae Delegated Underwriting Services (DUS®) loan to refinance a 472-unit multifamily property in San Diego, California. The transaction was originated by Matt Stevens, Managing Director at Greystone, on behalf of Pinnacle Parkside Development US LP with James Dick and Jay Dick of Kidder Matthews acting as correspondent.
The fixed-rate Fannie Mae loan for Spire San Diego, located on Island Avenue, is a 45-story apartment community constructed in 2019, and is part of a residential and commercial complex with a 484-unit sister property, Pinnacle on the Park. The towers are complemented by Fault Line Park as part of a master development plan, creating an ideal environment for residents. Spire offers one-, two-, and three-bedroom units as well as a fitness center, swimming pool, game room, yoga room, screening room, residents lounge, and outdoor grilling area.
“The Pinnacle team is a pleasure to work with, as they are focused on strategic growth that benefits both the community and the residents they serve,” said Mr. Stevens. “We look forward to working on future transactions with them.”