Onyx On Park LLC And Diversyfund Secure $31 Million Loan For San Diego Development Site

The asset involved in this transaction is a development site located at 3922-3932 Park Boulevard in San Diego. The property is positioned for multifamily development, specifically consisting of a 71-unit project known as Onyx on Park. The transaction includes a loan amount of $31,000,000 which is designated for the construction phase of the project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $31,000,000
• Loan Type: Construction
• Loan Terms: three-year, floating-rate non-recourse loan
• Landlord: Onyx on Park, LLC & Diversyfund
• Brokers: Bryan Clark & Bharat Madan - JLL

The financing for this project was arranged by JLL, representing the borrower Onyx on Park, LLC, alongside their joint venture equity partner Diversyfund. The loan serves to retire prior construction and mezzanine debt, further facilitating the lease-up of the newly delivered property, thus indicating a continued lender confidence in the multifamily market within San Diego.