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

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FINANCED
$46,500,000
Aldon Cole
Bharat Madan
Bryan Clark

California

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MultiFamily73,243 SF
Financed 01/22/2025
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FINANCED

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

3104 El Cajon Boulevard

See Similar Deals
MultiFamily73,243 SF
Financed 01/22/2025
Aldon Cole
Bharat Madan
Bryan Clark
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$634
Total Square Footage:73,243 SF
Transaction Type:Loan

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:

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.

Players

Bharat Madan
JLL
Bharat Madan
9 deals$1.9B volume
BROKER
Aldon Cole
JLL
Aldon Cole
15 deals$2.3B volume
BROKER
Bryan Clark
JLL
Bryan Clark
10 deals$200.4M volume(321) 239-4151
BROKER
Buchanan Street Partners
Buchanan Street Partners
LENDER

Details

FINANCED
IMAGE: Timothy J. Ballard, Scott Murfey, Aldon Cole, Bharat Madan & Bryan Clark DATE: 01/22/2025 ADDRESS: 3104 El Cajon Boulevard MARKET: San Diego ASSET TYPE: Multifamily ~ SF: 73,243 ~ UNITS: 149 LENDER: Timothy J. Ballard - Buchanan Street Partners (@BuchananStreetPartners) LANDLORD: Scott Murfey - Murfey Company BROKERS: Aldon Cole, Bharat Madan & Bryan Clark - JLL (@JLL) LOAN AMOUNT: $46,500,000 LOAN TYPE: Construction LOAN TERMS: three-year, floating-rate NOTE: JLL Capital Markets secured $46.5M in construction financing from Buchanan Mortgage Holdings for Stella Apartments, a 149-unit project by Murfey Company in San Diego's North Park. The nine-story development, set to begin construction in Q1 2025, will feature modern units, rooftop amenities, and easy access to major highways and urban conveniences.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$46,500,000.00

Monthly NOI$310,000.00
Monthly Debt Service$293,911.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00