CedarSt Secures $80M for San Diego’s North Park Apartment Development
CedarSt Secures $80M for San Diego’s North Park Apartment Development
Jones Lang LaSalle Incorporated (JLL) Capital Markets announced the arrangement of an $80 million construction loan for a new residential project in San Diego. The financing was provided by CrossHarbor Capital Partners to CedarSt Companies for the development of “The Samuel,” an eight-story, Class A multifamily property located at 2821 Adams Avenue in the North Park neighborhood.
The three-year, floating-rate stretch-senior loan will support the construction of a 197-unit community. The unit mix includes 82 studios, 93 one-bedroom units, and 22 two-bedroom units, averaging 621 square feet. The development will also feature 189 parking spaces. Construction is slated to begin in the third quarter, with a projected completion date in late 2028.
The project benefits from San Diego’s Complete Communities program, which grants ministerial by-right approvals to residential projects situated near transit and existing infrastructure. JLL notes that North Park currently maintains a 96 percent occupancy rate. The firm projects average annual rent growth of 3.52 percent in the submarket through 2029.
For CedarSt Companies, The Samuel represents a significant piece of a broader expansion strategy in the San Diego region. The Chicago-based developer has assembled a pipeline of six projects in the area, totaling 1,514 units and $734 million in development costs. Across its national portfolio, CedarSt manages over 7,000 units across 35 properties with an estimated value of $4 billion.
Brokerage activities for the transaction were led by JLL’s Zach Kersten, Jack Wood, and Ben Choromanski. Jones Lang LaSalle Incorporated saw its shares trade recently at $365.87, reflecting a decline of 3.21% from the previous close.
What to watch
- Construction commencement scheduled for the third quarter.
- CedarSt Companies’ progress on its remaining five-project pipeline in San Diego.
- Rent growth trends in the North Park submarket through 2029.
Source: original release