Scott Murfey Of Murfey Company Secures $46.5M Construction Loan For Stella Apartments In San Diego

The property asset involved in this transaction is Stella Apartments, located at 3104 El Cajon Boulevard in the San Diego market. This multifamily development will encompass 73,243 square feet and consist of 149 residential units. The project is designed as a nine-story building and is set to begin construction in the first quarter of 2025.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $46,500,000
• Lender: Timothy J. Ballard - Buchanan Street Partners
• Landlord: Scott Murfey - Murfey Company
• Brokers: Aldon Cole, Bharat Madan & Bryan Clark - JLL
• Loan Type: Construction
• Loan Terms: three-year, floating-rate

JLL Capital Markets played a key role in securing the construction financing for this project from Buchanan Mortgage Holdings. The development will feature modern living spaces and rooftop amenities, providing residents with convenient access to major highways and urban conveniences.