Sunroad Enterprises has received a $145 million loan for construction of its Vive Lux apartment building in Kearny Mesa.
The loan for the project was from PCCP LLC (Pacific Coast Capital Partners), which has offices in Los Angeles, San Francisco, New York and Atlanta.
“PCCP is pleased to provide this senior loan to Sunroad Enterprises, an experience and proven developer in this market,” said Michael Johnson, PCCP senior vice president. “The Kearny Mesa area is well located near a number of employment centers.”
Combined with the lack of available land for new development and the quality of the planned project, “We see this project helping to meet the strong rental demand here,” Johnson said.
Vive Lux will be built adjacent to Sunroad’s 11-story Centrum office building at 8620 Spectrum Road and is the final piece to the company’s redevelopment of a portion of what had been a massive General Dynamics complex.
Sunroad initially planned to build two additional office buildings on the Vive Lux site but switched when demand for apartments outpaced demand for office space, according to Dan Feldman, president of Sunroad Asset Management.
With 442 apartments, Vive Lux Spectrum will feature a 4,200 square-foot fitness center on two levels, a pool and spa, rooftop bar with grill area and outdoor televisions, a business center lounge, conference rooms, wine room with outdoor patio, game room and pet grooming center.
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904.