CEDARst Snags $80M Construction Loan for San Diego Apartments

CEDARst obtained an $80 million construction financing for The Samuel, a 197-unit Class A multifamily development in San Diego’s North Park neighborhood.

JLL worked on behalf of the CEDARst Companies, in arranging the three-year, floating-rate loan through CrossHarbor Capital Partners.

The Samuel will be located at 2821 Adams Ave. in North Park. The eight-story development will feature 82 studios, 93 one- and 22 two-bedroom units, averaging 621 square feet, with 189 parking spaces.

The development will include amenities such as a pool, fitness center, co-working lounge, fire pits, game deck and a rooftop sunset lounge with an outdoor kitchen. Construction is expected to begin in Q3 2026, with completion anticipated in Q4 2028.

JLL Capital Market’s Debt Advisory team was led by Senior Director Zach Kersten, Director Jack Wood and Analyst Ben Choromanski.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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