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California  + San Diego  + Finance  | 

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.

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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).

  • ◦Development
  • ◦Financing
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