Greenline Development Group Secures $26.75M Bridge Loan For 8th & U Apartments In San Diego

The transaction involved a newly delivered 90-unit multifamily property located at 3843 8th Avenue in San Diego's Hillcrest neighborhood. The property comprises a mid-rise community featuring 35 studios, 43 one-bedroom units, 12 two-bedroom units, and 11 deed-restricted affordable units. The loan amount secured for this property was $26,750,000, structured as a bridge loan with interest-only terms over a three-year period.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $26,750,000
• Lender: National Life Group
• Landlord: Adam Greenberg & Gilad Tamir - Greenline Developmental Group
• Brokers: Aaron Beck & Conor Freeman - NorthMarq
• Loan Type: Bridge
• Loan Terms: three-year, interest-only

The deal was arranged by NorthMarq, who coordinated the financing with National Life Group for Greenline Development Group’s 8th & U Apartments. The completion of the property took place in 2025, enhancing the multifamily housing options in the area.