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Deal of the Week - Sale

Coronado Terrace sold

The Deal of the Week is the sale of the 312-unit Coronado Terrace affordable apartment complex in South Bay at 1151 and 1183 25th St., San Diego 92154, for $60 million.

The buyer was Eden Coronado Terrace LP, c/o Eden Housing, of Hayward, Calif.

The acquisition was financed by Citibank N.A. with a purchase loan of $40.3 million and a subordinated loan of $1.5 million.

The seller was Coronado Terrace Preservation LP, with Coronado Terrace Development LLC and Wakeland Housing Development Corp. as its general partners.

The complex is south of Coronado Avenue between Interstate 5 and the San Diego Trolley line. The two buildings were constructed in 1972 on 14.03 acres.

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