SAN DIEGO – November 14, 2017 – Berkadia announced today that it arranged both the financing and sale of Verse La Mesa, a multifamily property located in La Mesa, California. Managing Director Shane Shafer of the Irvine office, along with Managing Directors Ed Rosen and John Chu and Directors Kyle Pinkalla and Erin Dammen of the San Diego office, completed the $33.95 million sale. The team represented the California-based seller and the buyer, Interstate Equities Corporation, also based in California. Managing Director David Bleiweiss and Senior Director Anthony Ansevin, also in the Irvine office, secured $21.9 million in financing through Freddie Mac for the buyer.
The seven-year acquisition loan features a 2.98 percent adjustable interest rate and a 65 percent loan-to-value ratio.
“The markets outside the urban core of San Diego are experiencing some great opportunities for investors due to the area’s favorable fundamentals,” said Shafer. “Verse is an example of the tremendous interest investors have for value-add opportunities in the La Mesa submarket.”
Verse La Mesa is located at 7400 Parkway Drive, affording convenient access to Interstate 8 and near Lake Murray. The apartment units feature air conditioning and walk-in closets, and some units also have dishwashers, granite countertops and stainless-steel appliances. Community amenities also include a fire pit with lounge seating, on-site parking and a fitness center.