CEDARst Closes on Construction Loan for Sixth San Diego Multifamily

CEDARst Companies has closed on construction financing and launched construction on a 197-unit multifamily development, The Samuel, located at the corner of Adams Avenue and Idaho Street in San Diego’s North Park neighborhood. CrossHarbor Capital Partners provided an $80,000,000 construction loan for the project. JLL Capital Markets, led by Zach Kersten, arranged the financing. KPRS Construction Services is serving as general contractor.

The development will feature 189 parking spaces and a full suite of resident amenities. “North Park continues to be one of San Diego’s most in-demand submarkets, and this project reflects our commitment to delivering thoughtfully designed, amenity-forward housing in infill locations,” said Will Murphy, CEO, CEDARst Companies. “We’re grateful for the partnership with CrossHarbor and KPRS as we move this project into vertical construction.”

The Samuel adds to four other CEDARst projects under development in San Diego and one stabilized asset. A September 2028 completion date is expected for the property.

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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 16-plus years’ experience covering the commercial real estate industry and 30-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 7-10 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).

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