JLL Capital Markets has arranged $43.5 million in construction financing for the development of 4135 Park Blvd., a 190-unit, mid-rise, mixed-use multihousing 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 rheww-year construction loan through a national bank.
4135 Park Blvd. will be a seven-story, type III-A project, consisting of 101,787 square feet of residential space and 1,268 square feet of ground-floor commercial space. The community will offer studios, one- and two-bedroom units.
Located along the North Park and Hillcrest communities, the property will offer convenient walkability to local dining, retail and entertainment options. Residents will have easy highway accessibility with less than a five-minute drive to I-805, I-8 and I-15. The property is just 13 miles from all major job centers, including Mission Valley, Downtown, Kearny Mesa, UTC and Sorrento Mesa, and proximate 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 San Diego’s premier shopping destination, Mission Valley.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Chris Collins and Associate Brad Vansant.
“We continue to see an outsized demand for high-quality multifamily projects from both renters and capital providers alike,” said Collins. “CEDARst has done an excellent job identifying a project that will provide much needed additional units to a highly coveted infill market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.