CBRE Secures $98 Million in Refinancing of a 241-Unit Multifamily Community

CBRE has secured a $98 million loan to refinance Radian, a 241-unit Class A multifamily property at 675 Ninth Ave in San Diego, California

Mark McGovern, Scott Peterson and Morgon Fraser with CBRE Capital Markets’ Debt & Structured Finance arranged the three-year, fixed-rate, permanent loan on behalf of the borrower, a partnership between Cisterra Development and Spruce Capital Group.

“Radian exemplifies the next generation of urban living in San Diego,” said McGovern, Senior Vice President at CBRE. “Its location, luxury finishes, and amenity-rich environment have made it a standout in the market. Radian has a walk score of 99 and proximity to public transportation. This refinancing positions the asset for long-term success as downtown San Diego continues to thrive.”

Radian is a LEED Gold-certified property featuring a mix of one-, two-, and three-bedroom units, including five penthouses. The building includes a two-story ground-floor retail area and offers a range of amenities, including a rooftop pool and spa with views of Petco Park, downtown and the San Diego Bay.