$26.9 million financing arranged for multihousing development in San Diego

JLL Capital Markets arranged the construction financing for the 61-unit Onyx on Park in San Diego, California

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Onyx on Park
JLL Capital Markets arranged the $26.9 million construction financing for Onyx on Park, a 61-unit, urban infill multihousing community in San Diego

JLL Capital Markets announced that it has arranged the $26.9 million construction financing for Onyx on Park, a 61-unit, urban infill multihousing community located in the Hillcrest neighborhood of San Diego, California.

JLL represented the borrower, DiversyFund, Inc. with Highland Construction to secure a 74 percent loan-to-cost fixed-rate financing package consisting of an $18.95 million senior loan and a $7.96 million mezzanine loan. Diversyfund selected this combination of lenders due to their ability to provide competitive proceeds and excellent loan terms, including a fixed interest rate to alleviate any interest rate risk during the loans’ co-terminus five-year term.

With an anticipated completion of Q4 2023, the seven-story Onyx on Park will feature one- and two-bedroom units with an average size of 912 square feet. Situated at 3922-3932 Park Blvd. the site is located four blocks east of the I-163 Freeway in the Hillcrest submarket at the intersection of Park Boulevard and University Avenue. Residents will benefit from immediate access to over 230 restaurants and bars in the Hillcrest epicenter, walkable neighborhood amenities and major employers, including UC San Diego Medical Center, Scripps Hospital and SPAWAR.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Bryan Clark, Director Olga Walsh and Associate Daniel Pinkus.

“Even in this unusually volatile market, there was an incredible amount of 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,” Clark said.

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.