California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
New-Construction San Diego Apartments Score $53M Bridge Loan
Broadshore Capital Partners, LLC closed on a $53.2-million floating-rate senior bridge loan secured by Monroe North Park, a newly delivered 137-unit Class A multifamily community located at 3090 Polk Ave. in the North Park neighborhood of San Diego. The loan was completed in partnership with an institutional investor with whom Broadshore maintains an active lending relationship.
The financing will facilitate the lease-up and stabilization of the property, which was delivered in 2025. It features institutional-quality construction, structured parking with EV charging capabilities, rooftop entertainment and co-working amenities.
“San Diego is one of the most fundamentally sound multifamily markets in the country, and North Park represents exactly the kind of supply-constrained, high-demand urban submarket we want to be in,” said Broadshore CEO Bradford Howe. “This transaction is consistent with our strategy of deploying institutional capital into well-located, newly delivered assets where we have conviction in the collateral quality and the long-term fundamentals.”
- ◦Financing
