SAN DIEGO, Nov. 20, 2025 – JLL Capital Markets announced today that it secured a $31 million construction loan for Cuarto Apartments, a 74-unit, Class A multi-housing project in San Diego, California.

JLL represented the borrower, Built Development Corporation and Ibex Limited, in arranging the structured, floating-rate financing through SteepRock Capital (mezzanine) and Goodman Capital (senior lender).

“San Diego remains one of the strongest multifamily markets in the country, with exceptional fundamentals and sustained renter demand,” said Eric Goodman, Co-Founder and Managing Partner of Goodman Capital. “Financing this project aligns with our strategy of partnering with top-tier sponsors on well-located, high-quality developments. Our team’s ability to move quickly and provide certainty of execution continues to be a competitive advantage.”

Cuarto Apartments, located at 3636 4th Ave. in San Diego's Bankers Hill neighborhood, offers exceptional access to California's I-5, I-8, I-15, I-805 and SR-163, granting connectivity across the city of San Diego and throughout the entire western coastline. Future residents will enjoy proximity to upscale shopping and dining in some of San Diego's most desirable neighborhoods, including Downtown, Hillcrest, University Heights and North Park.

San Diego continues to be a thriving metropolitan area with a strong economy, highly educated workforce and exceptional quality of life. The Bankers Hill neighborhood sits adjacent to Balboa Park and provides residents with access to some of the region's most popular attractions and high-end retail and dining destinations.

Cuarto Apartments will be an 11-story multi-housing development offering 56,910 square feet of residential space and 2,941 square feet of ground-floor retail space. This modern apartment community features a diverse mix of studios, one-bedroom and two-bedroom units with state-of-the-art appliances and private balconies. Residents will enjoy best-in-class amenities, including a rooftop deck with ocean views, rooftop pool and barbecue area, fitness center, bicycle parking and ground-floor retail space. The project is subject to a regulatory agreement with the San Diego Housing Commission, which restricts 13% of the units at various AMI levels. Construction is expected to begin in November 2025 following demolition, with completion anticipated in November 2027.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Jeff Sause, Senior Director Christopher Collins, Director Chad Morgan, Associate Jacob Michael and Analyst Danny Ryan.

"The successful closing demonstrates our client’s capabilities and the continued strength and investor confidence in the San Diego multi-housing market," said Sause. "This project's strategic location in Bankers Hill and its best-in-class building quality position it well to capitalize on robust multifamily demand in San Diego."

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 sales and 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.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500^® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

SteepRock Capital is a privately owned firm with offices in Greenwich, CT and Rochester, NY. They are Real Estate Investors specializing in both real estate debt and real estate equity investments, favoring assets with durable cash flow or long term intrinsic value. Investments are made through SteepRock’s Fund, various institutional separate accounts and joint ventures. SteepRock has originated $3.9 billion of total loan commitments since its inception and has a current AUM of $2.6 billion under management.

Goodman Capital is a New York City–based private real estate credit firm specializing in senior secured bridge financing for high-quality commercial and residential projects across the United States. With more than 50 years of combined lending experience and over $1 billion in completed transactions, the firm delivers structured transitional capital solutions and is known for executing complex deals with speed and certainty.