Square Mile Capital Management LLCtoday announced that it has originated a $173.0 million loan to finance the acquisition of Jefferson Vista Canyon, a newly built, Class A, 17-building, 480-unit multifamily community located in Santa Clarita, CA. The loan was made toHarbor Group International, a Virginia-based global real estate investment and management firm that owns over 59,000 multifamily units and 4.4 million square feetof commercial properties worldwide,and Azure Partners, a New York-based real estate private equity firm focused on the acquisition and management of real estate within high-growth markets in the United States.
The financing was arranged by Jamie Leachmanand Brandon Smith from JLL.
Square Mile Capital Principal Tom Burns commented, “Over the past 10 years, there havebeen very few market rate properties over 100 units delivered in Santa Clarita. Jefferson Vista Canyon has benefitted from this supply-demand imbalance and outstanding location, as evidenced by its strong lease-up velocity since completion. Square Mile is very excited to get this deal done with this exceptional sponsorship ofHarbor International Group and Azure Partners.”
Jefferson Vista Canyon features a total of 480 studios, one-, two-, and three-bedroom units with amenities that include wood style flooring, Caesarstone countertops, fully equipped kitchens, two-tone cabinetry, GE appliance packages, USB charging outlets, in-unit washers and dryers, walk-in closets, and personal balconies or patios. The property also offers two resort style pools and spas with beach entry, two fitness centers, a yoga/spin studio, rooftop deck with fire pit and dry bar, lounge and entertainment space, dog park, BBQ area and 712 parking spaces, including 148 direct access garages.
The property is situated within Santa Clarita Valley’s Vista Canyon, a 185-acre transit-oriented mixed-use master planned community that will feature up to 165k rsf of retail, 650,000 rsf of office, 240 hotel rooms, 855 apartments, 245 single family homes, an 11-acre community park, 10 miles of hiking and walking trails, and a Metrolink Station that is expected to be completed by mid-2022.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. The firm seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. For more information, visit www.squaremilecapital.com.
