Developer Secures $135M Refi For Sky-High Apartment Tower, Begins Sister Project
Vancouver, BC-based developer Pinnacle International has obtained $135M to refinance the 45-story, 484-unit Pinnacle on the Park apartment tower in Downtown San Diego’s East Village. Kidder Mathews brokers Jamie and Jay Dick arranged fixed-rate refinancing through an insurance company. Terms of the deal were not disclosed. Designed by IBI Group, this is the tallest building in Downtown, reports the San Diego Business Journal.
At 524 15th St, the project is adjacent to the 1.3-acre Fault-line Park designed by Spurlock & Poirier Landscape Architects and built by Pinnacle International. The 57k SF grassy park is built atop a parking garage and features a playground and Halcyon restaurant. The first phase of a two-tower complex, Pinnacle on the Park units range from 576 SF to 1,800 SF and command rents of $1,820 to $10k, depending on size and floor of the unit. The building’s 36 affordable units are moderately priced from $1,053 to $1,316.
The developer is underway on Phase 2 of The Pinnacle Towers, another 45-story, 476-unit residential tower next door. The overall project includes 17k SF of commercial space—4,200 SF in the first phase—which the developer may rent as office space until this area of East Village commands market retail rents comparable to the rest of Downtown. The Pinnacle Towers are on the east edge of East Village, the last area of this district to undergo redevelopment. The project is scheduled for completion in mid-2019, according to Civic San Diego. [SDBJ]
