SAN DIEGO, CA – November 27, 2018 – HFF announces construction financing and joint venture equity for the development of Persea, a 305-unit, garden-style multi-housing community the San Diego-area city of Vista, California.

The HFF team arranged the joint venture partnership between LLJ Ventures and Orion Pacific Investments, LLC and secured a $54 million construction loan with Bank OZK.  

Persea is located at 1333 North Santa Fe Avenue in the heart of North County San Diego.  The property has superior connectivity to the surrounding communities of Carlsbad, Oceanside, San Marcos, Camp Pendleton and Escondido, as well as downtown San Diego, via direct access to State Route 78, which connects to the 5 and 15 Freeways.  Additionally, the transit-oriented community is within walking distance of two Sprinter light rail stations.  Persea is served by a variety of neighborhood retail and grocer amenities located at Downtown Vista Village and Del Oro Marketplace, among others.  Upon completion, Persea will feature three-story garden apartment buildings with studio, one- and two-bedroom units.  Planned community amenities include a clubhouse and game room; a resort-style pool with cabanas, fire pits and gas bbq grills; cabana-style lounge; two-level gym with an outdoor component; a group-fitness and yoga studio; and a roof deck and lounge.  

“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 that makes Vista the jewel of North County,” said Jeremy Meredith, Managing Partner, Orion Pacific.  “We are grateful for HFF’s leadership, expertise, and access to capital that brings together best-in-class financial sources including LLJ Ventures and Bank OZK.”

“Given San Diego’s housing deficit, and Vista’s flourishing population, we look forward to creating an environment that results in rich and authentic experiences for residents,” said Leonardo Simpser, Managing Director, LLJ Ventures.  “Persea will accomplish this by having the best amenities in the market and by curating activities around them that build community and create priceless memories.”

The HFF debt placement team representing the borrower included senior director Patrick Burger and senior associate Olga Walsh.