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PCCP Provides $41M Refi on North Park Multifamily

PCCP has provided a $41-million senior loan to refinance Tenney North Park, a newly constructed, 125-unit multifamily property with ground-floor retail in San Diego’s North Park submarket. The loan was provided on behalf of owner and developer Foulger-Pratt and refinanced an existing construction loan.

Built in 2025, Tenney North Park is an eight-story property located at 2260 El Cajon Blvd. It features 115 market-rate units and 10 affordable units, with studio, one-bedroom and two-bedroom floor plans averaging 727 square feet. The property also includes 3,116 square feet of ground-floor retail and three levels of parking totaling 146 spaces.

Tenney North Park provides residents with proximity to North Park’s 30th Street dining and entertainment corridor, along with access to major employment and lifestyle destinations throughout San Diego, including Downtown San Diego, approximately 10 minutes away; the Hillcrest healthcare cluster, less than 10 minutes away; and UTC/La Jolla, approximately 20 minutes away.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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