The Samuel: $80M construction financing secured for 197-unit development in San Diego's most walkable neighborhood

SAN DIEGO, Aug. 31, 2026 –  JLL Capital Markets announced today that it has secured an $80 million construction financing for The Samuel, a 197-unit Class A multifamily development in San Diego's North Park neighborhood.

JLL worked on behalf of the borrower, CEDARst Companies, in arranging the three-year, floating-rate loan through CrossHarbor Capital Partners.

The Samuel will be located at 2821 Adams Ave. in North Park, a neighborhood that earned recognition in Travel Magazine's 2024 list of the nation's 16 most up-and-coming neighborhoods. The 0.56-acre site boasts a Walk Score of 93 out of 100, placing it in the "Walker's Paradise" category where most daily errands do not require a car. The property will sit steps from award-winning restaurants like Fortunate Son and Polite Provisions, craft cocktail bars and independent coffee shops that define North Park's culinary scene.

The eight-story development will feature 82 studios, 93 one- and 22 two-bedroom units, averaging 621 square feet, with 189 parking spaces. The project qualifies for ministerial, by-right approvals under the City of San Diego's Complete Communities program, which provides expedited permit review for qualifying residential developments near transit and existing infrastructure.

"North Park continues to attract young professionals seeking walkable urban living at a relative value compared to coastal neighborhoods," said Kersten. "The Samuel benefits from an exceptional micro-location on the Adams Avenue corridor, where there's a significant lack of large-scale multifamily projects either built or planned within a one-mile radius."

The development will include resort-style amenities such as a pool, fitness center, co-working lounge, fire pits, game deck and a rooftop sunset lounge with an outdoor kitchen. Construction is expected to begin in Q3 2026, with completion anticipated in Q4 2028.

JLL Capital Market’s Debt Advisory team was led by Senior Director Zach Kersten, Director Jack Wood and Analyst Ben Choromanski.

San Diego County's multifamily market continues to demonstrate strong fundamentals, with the North Park submarket projecting 3.52 percent average annual rent growth through 2029, outpacing both the greater San Diego market and Southern California peers. The submarket maintains an average occupancy of 96 percent with limited new supply pipeline.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 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.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. 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. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

CEDARst Companies, a vertically integrated commercial real estate development and property management firm, manages over 7,000 units across 35 assets nationwide with an estimated portfolio value of $4 billion. The firm has assembled a development pipeline of six projects totaling 1,514 units and $734 million in cost across San Diego's most sought-after submarkets.

Founded in 1993, CrossHarbor Capital Partners is a real estate investment manager offering a multi-strategy investment platform providing investors with broad access to opportunities across property types, geographies, and the capital structure. With a $34+ billion investment track record, the firm currently has $11.0 billion in assets under management in investment programs spanning the risk-return spectrum. Through its nation-wide, relationship-driven origination platform, disciplined investment approach, and experienced team of professionals, CrossHarbor seeks to generate consistent, risk-adjusted performance while focusing on capital preservation. CrossHarbor is based in Boston with offices in Chicago, Los Angeles, and Big Sky.