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JLL Arranges Construction Loan for North Park Multifamily
JLL Capital Markets arranged a $46.5-million construction financing for Stella Apartments, a 149-unit multifamily development project in San Diego. Senior managing director Aldon Cole, managing director Bryan Clark and VP Bharat Madan represented the borrower, Murfey Company, in securing the three-year, floating-rate loan through Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners, LP.
“The successful arrangement of construction financing for Stella Apartments underscores the continued strength of the San Diego multifamily market,” said Cole. “This project’s strategic location in North Park and its mix of unit types make it an attractive investment opportunity in today’s market.”
Murfey Company, a vertically integrated developer known for mixed-income and mixed-use projects in San Diego, plans to begin construction in the first quarter of 2025 with completion expected in Q2 2027. Located at 3104 El Cajon Blvd. in San Diego’s North Park neighborhood, the property will offer access to I-805, Hwy. 163 and Hwy. 5.
- ◦Development
- ◦Financing




