JLL Capital Markets secured construction financing for 4135 Park Blvd., a 190-unit, mixed-use community in San Diego, California
News release
04 April 2022
$43.5M in construction financing secured for 190-unit multi-housing community in San Diego
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SAN DIEGO, April 4, 2022 – 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 multi-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 three-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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CEDARst Comapnies
CEDARst is a vertically integrated commercial real estate development, property management (FLATS), and general contracting (Method) firm focused on the development of infill multifamily assets throughout the U.S.
Since its origination in 2012, CEDARst has gone full cycle on 26 assets and has a current portfolio of 23 assets with ~4,000 units in either stabilized leasing or under construction. CEDARst has raised over $350 million of high net worth, family office, and institutional equity to capitalize their current portfolio which has an estimated stabilized market value of $2.0 billion.