A joint venture between LLJ Ventures and Orion Pacific Investments LLC has acquired a $54 million construction loan with Bank OZK for the development of Persea, a 305-unit, garden-style multifamily community at 1333 North Santa Fe Avenue in San Diego’s Vista, California, according to a release from HFF. The statement says the HFF debt placement team representing the borrower includes senior director Patrick Burger and senior associate Olga Walsh, who also secured joint-venture equity for the development for an undisclosed sum.
Upon completion, Persea will feature three-story garden apartment buildings with studio, one- and two-bedroom units, according to the release. Planned community amenities include a clubhouse and game room; a resort-style pool with cabanas, fire pits, and gas barbecue grills; a cabana-style lounge; a two-level gym with an outdoor component; a group-fitness and yoga studio; and a roof deck and lounge.
According to the statement, Persea will be easily accessible Carlsbad, Oceanside, San Marcos, Camp Pendleton, and Escondido, as well as Downtown San Diego, via direct access to SR 78, which connects to the 5 and 15 Freeways. Additionally, the transit-oriented community will be within walking distance of two Sprinter light rail stations. Nearby neighborhood retail and grocer amenities are located at Downtown Vista Village and Del Oro Marketplace, among others, the release says.
In the statement, Jeremy Meredith, managing partner at Orion Pacific, calls Vista “the jewel of North County” and says, “We are excited to build a community in Vista that respects the city’s rich history, while also paying homage to the Vista of today — a burgeoning craft-brewing culture, a knowledge economy, an arts community, and an entrepreneurial ethos ….”
Leonardo Simpser, managing director of LLJ Ventures, indicates in the release that the development will help ease San Diego’s housing deficit and accommodate Vista’s flourishing population.