SAN DIEGO, CA – CEDARST Cos. has secured $43.5 million in construction financing for to develop a 190-unit mixed-use multi-housing project in San Diego, CA.
JLL capital markets arranged the three-year loan through a national bank on behalf of the borrower.
Located at 4135 Park Blvd. on the border of the North Park and Hillcrest communities, the seven-story development will feature 101,787 square feet of residential space and 1,268 square feet of ground-floor commercial space. The multifamily aspect of the property will offer studios, one- and two-bedroom units.
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The type III-A project is situated near all major job centers, including Mission Valley, Downtown, Kearny Mesa, UTC and Sorrento Mesa, and educational institutions, including UC San Diego, San Diego State University and the University of San Diego. The mid-rise development is also located near I-805, I-8 and I-15.
JLL capital market's debt advisory team, led by senior director Chris Collins and associate Brad Vansant, represented the borrower in the transaction.
"We continue to see an outsized demand for high-quality multifamily projects from both renters and capital providers alike," says Collins. "CEDARst has done an excellent job identifying a project that will provide much needed additional units to a highly-coveted infill market."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
