Barings Provides $78 Million Financing on The Townsend in San Diego, CA
Barings, one of the world's largest diversified real estate investment managers, announced today that it has provided a $78 million loan to refinance The Townsend, a recently delivered, best-in-class 277-unit LEED Gold multifamily project located in the Mission Valley submarket of San Diego, California.
"We are pleased to continue our partnership with The Dinerstein Companies for the refinancing of this high-quality multifamily asset located in a strong market with growing demographics and healthy underlying demand-supply metrics," said Jack Cheng, Managing Director with Barings. "This investment is highly aligned with Barings' core+ real estate strategy, which focuses on providing financing for high quality real estate in dynamic markets, backed by experienced sponsorship."
The Townsend was developed by The Dinerstein Companies in 2022 and is comprised of 277 apartment homes featuring refined interior finish packages and high-end on-site amenities including a two-story fitness center, resort-style pool deck with spa, a resident clubhouse and game room. Situated in the heart of Mission Valley, The Townsend is proximate to a large employer base as well as numerous retail and restaurant options.
JLL advised the sponsorship on the financing.
This transaction expands Barings' $27.06+ billion* real estate debt platform, which leverages the team's broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.
About Barings
Barings is a $381+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
*Assets under management as of December 31, 2023
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