Construction Financing Totaling $43M secured for New San Diego Multifamily Project

Chicago-based real estate firm CEDARst Companies has secured $43.5 million in construction financing to develop a 190-unit, mixed-use, multi-housing project in San Diego. It will be called 4135 Park Blvd.

The seven-story, type III-A project will include 101,787 square feet of residential space and 1,268 square feet of ground-floor commercial space. The project will feature studios, one- and two-bedroom apartments.

JLL Capital Markets arranged the three-year construction loan on behalf of CEDARst Companies through a national bank. JLL Senior Director Chris Collins and Associate Brad Vansant led the firm’s Capital Markets Debt Advisory team which represented CEDARst Companies.

“We continue to see an outsized demand for high-quality multifamily projects from both renters and capital providers alike,” Collins said. “CEDARst has done an excellent job identifying a project that will provide much needed additional units to a highly coveted infill market.”

4135 Park Blvd. borders San Diego’s North Park and Hillcrest submarkets.