$43.5 million in construction funding secured for 190-unit community in San Diego

JLL has arranged a $43.5 million construction financing for the development of 4135 Park Blvd., a 190-unit mixed-use multi-unit housing project in San Diego

JLL Capital Markets has arranged a $43.5 million construction financing for the development of 4135 Park Blvd., a 190-unit mid-rise mixed-use housing project located on the border of the North Park and Hillcrest submarkets in San Diego, California.

JLL worked on behalf of the borrower, CEDARst Companies, to secure a one-year construction loan through a national bank.

4135, boul. du Parc will be a seven-story Type III-A project, consisting of 101,787 square feet of residential space and 1,268 square feet of retail space on the ground floor. The community will offer studio, one and two bedroom units.

Located along the communities of North Park and Hillcrest, the property will provide convenient walking access to local dining, retail and entertainment options. Residents will have easy freeway access with less than a five minute drive to I-805, I-8 and I-15. The property is just 13 miles from all major employment centers, including Mission Valley, Downtown, Kearny Mesa, UTC, and Sorrento Mesa, and close to educational institutions, such as UC San Diego, San Diego State University and the University of San Diego. Additionally, the community will be less than three miles from one of San Diego’s premier shopping destinations, Mission Valley.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Principal Chris Collins and Partner Brad Vansant.

“We continue to see outsized demand for high-quality, multi-family projects from tenants and capital providers,” Collins said. “CEDARst has done a great job identifying a project that will provide much needed additional units to a highly coveted infill market.”

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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