Hypo Real Estate closes $167.1m first mortgage for acquisition of residential complex in California (DE/US)

Hypo Real Estate Capital Corporation ("HRECC") – the New York-based subsidiary of Hypo Real Estate Bank International – closed an 18-month, $167.1 million first mortgage on December 15 to Montecito Regents, LLC, for the acquisition and conversion of a 574-unit condominium complex in La Jolla, California.

Completed in 2000, Regents La Jolla is a 574-unit residential complex located on eight acres in the University Town Center area of La Jolla, the premiere submarket of the greater San Diego area. Regents La Jolla boasts numerous amenities, including a 12,000-square-foot clubhouse, full-time concierge services, communal kitchen and sports bar, TV room, fitness center, two resort-style pools and ten-screen, stadium-style movie theater.

Each unit features private balconies, private alarm systems, wood-burning fireplaces, walk-in closets, top end appliances and high-speed Ethernet access.

"We are extremely proud to again represent Montecito in a major conversion project," said Evan F. Denner, Deputy CEO of Hypo Real Estate Capital Corporation. "This transaction is a reflection of our expertise in servicing the residential market."

Source: Hypo Real Estate

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