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California  + San Diego  + Apartments  | 
JLL Arranges $27M Financing for Hillcrest Multifamily Development

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.

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Inside The Story

JLL Capital Markets Bryan ClarkDiversyFundHighland Construction

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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