Will Murphy Of CEDARst Companies Secures $80 Million Construction Loan For The Samuel In San Diego

The asset involved in the transaction is a development site located at 2821 Adams Avenue in San Diego, CA. This site is intended for The Samuel, a planned eight-story project that will consist of 197 Class A apartment units. The construction loan secured amounts to $80 million, and the loan terms include a three-year duration with a floating interest rate.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $80,000,000
• Lender: CrossHarbor Capital Partners
• Landlord: Will Murphy - CEDARst Companies
• Brokers: Zach Kersten, Jack Wood & Ben Choromanski - JLL
• Loan Type: Construction
• Loan Terms: three-year, floating-rate

CedarSt Companies is moving forward with the development in response to the current market dynamics, as evidenced by the 96% multifamily occupancy rate in the North Park submarket and the limited new supply. JLL Capital Markets played a crucial role in arranging the financing for this project, with construction expected to begin in Q3, aiming for completion in late 2028.