Will Murphy Of CEDARst Companies Secures $80 Million Construction Loan From CrossHarbor Capital Partners

The property asset involved in this transaction is a development site located at Adams Avenue and Idaho Street in San Diego, CA. The site is designated for a 197-unit multifamily development known as The Samuel, which is expected to enhance the North Park neighborhood upon completion. The loan amount secured for this project is $80 million, and it is intended for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $80,000,000
• Lender: CrossHarbor Capital Partners
• Landlord: Will Murphy - CEDARst Companies
• Broker: Zach Kersten - JLL
• Completion Expected: September 2028
• General Contractor: KPRS Construction Services

Zach Kersten from JLL Capital Markets arranged the financing for this construction loan. Will Murphy, representing CEDARst Companies, is overseeing the landlord responsibilities for this multifamily development project. The financing aims to facilitate the advancement of The Samuel development within the vibrant context of San Diego's North Park area.