Barings provides $78m financing on The Townsend in San Diego

Barings announced 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.

“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 at Barings. “This investment is highly aligned with Barings’ core-plus 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 comprises 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