CedarSt Companies has secured $80 million in construction loan financing for a 197-unit residential project in San Diego's North Park district. CrossHarbor Capital Partners provided the three-year, floating-rate ‘stretch-senior’ financing for “The Samuel”. This eight-storey Class-A project is planned for 2821 Adams Avenue.
JLL Capital Markets announced the loan on Monday. Zach Kersten, Jack Wood and Ben Choromanski of JLL arranged the financing for CedarSt. Construction is scheduled to commence in the third quarter of this year, with completion expected in late 2028.
“The Samuel” will comprise 82 studios, 93 one-bedroom and 22 two-bedroom units, averaging 621 square feet. Additionally, there will be 189 parking spaces. The project qualifies for ministerial by-right approvals under San Diego’s “Complete Communities” programme, which expedites residential projects near transport links and existing infrastructure.
Zach Kersten commented that North Park continues to attract young professionals seeking walkable urban living at a relative value compared to coastal neighbourhoods. He noted that within a one-mile radius of the site, few large multi-family projects have been completed or are planned. According to JLL, North Park boasts an average multi-family occupancy rate of 96 per cent, and the company forecasts average annual rent growth of 3.52 per cent in this submarket until 2029.
“The Samuel” is part of a larger expansion for Chicago-based CedarSt in San Diego. The developer has assembled a pipeline of six projects totalling 1,514 units and development costs of $734 million in the region. Nationally, CedarSt manages over 7,000 units across 35 properties with an estimated value of $4 billion.
CrossHarbor, meanwhile, manages assets totalling $11 billion and has completed investments of over $34 billion since its inception in 1993.
