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JLL Arranges $27M Financing for Hillcrest Multifamily Development
JLL Capital Markets has arranged the $27 million construction financing for Onyx on Park, a 61-unit, urban infill multi-housing community in the Hillcrest neighborhood of San Diego. The borrower was DiversyFund, Inc. with Highland Construction, and the JLL Capital Markets Debt Advisory team that represented the borrower includes Bryan Clark, Olga Walsh and Daniel Pinkus.
The financing is a 74% loan-to-cost fixed-rate package, consisting of an $18.95 million senior loan and a $7.96 million mezzanine loan. “Even in this unusually volatile market, there was incredible enthusiasm from lenders for this project. In turbulent times, there’s always a flight to quality, and Onyx on Park will be one of the highest quality apartment communities in Hillcrest,” said Clark.
The seven-story community will feature one- and two-bedroom units, with an average size of 912 square feet. Construction of Onyx on Park is expected to be completed in late 2023.
- ◦Financing
